Overview of the Article
- The halving event for Bitcoin is scheduled to occur in 2024 and is expected to result in a significant increase in the price of Bitcoin.
- Analysts and traders believe that the halving event will be a trigger for the crypto bull run cycle.
- Josh Rager, a cryptocurrency trader and analyst, has also predicted a strong rise in Bitcoin prices after its halving in 2024.
What Is Halving?
Halving is an event that occurs every four years when mining rewards are cut by 50%. When Bitcoin reaches 840,000 blocks, which is expected to take place around May 4th 2024, the second halving event will occur. As this results in reduction of Bitcoins being circulated into the market, investors flock towards purchasing BTC before each Halvening as they expect it to drive up its prices.
What Is Bull Run?
Bull run can be defined as a rapid increase in stock or asset prices over a period of time. It generally happens when there is high speculation from investors regarding an asset’s potential returns. Thus, it is expected that after Halvening takes place in 2024 for Bitcoin that it will experience a bull run.
Expectations Around The Halvening Event
In October 2020 PlanB, a cryptocurrency trading specialist stated “The second Bitcoin halving is coming, and IMO it will (again) pump BTC” alongside posting analysis about DeFi assets‘ historical price movements and forecasts for its future. Similarly Josh Rager also mentioned “The real party won’t start until 2024 post Bitcoin halving” suggesting his expectations towards increasing prices of BTC post-halvening.