Binance CEO: Bitcoin innovation wave during halving
In the digital asset space, the most important event is undoubtedly the Bitcoin halving in April this year.
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In the digital asset space, the most important event is undoubtedly the Bitcoin halving in April this year.
Will there be a sharp drop before and after this halving (guess a 40% retracement would be considered a sharp drop?). In fact, simple on-site speculation may not be enough to produce such a large amplitude, while external black swan events are something you can only encounter by chance.
We are 24 days away from the Bitcoin halving, a key event and catalyst for Bitcoin in past cycles that has tended to send it to all-time highs.
Taking into account the historical performance patterns before and after the Bitcoin halving and the current better environment, the price of Bitcoin is expected to hit US$60,000 before the halving in 2024, with the full-year range fluctuating between US$32,000 and US$85,000.
The event will double the bitcoin production cost to around $40,000, creating a positive psychological effect, the report said.
The last Bitcoin halving took place on May 11, 2020, and the next bitcoin halving will likely occur in 2024.
Bitcoin’s hashrate is reaching all-time highs, and it’s causing confusion about “the halvening” on Twitter.
Hash rate on the bitcoin network has hit a new all-time high of 281.79 million TH/s, and its next halving dates is projected to be as early as Q4 2023.
Traders still anticipate BTC prices above $100,000, but a closer look at the BTC halving cycle chart suggests that a sharper downside move will occur first.
The $50,000 resistance level seems to be the line in the sand that separates certainty from doubt that Bitcoin has cast off the four-year cycle trend, according to Santiment.