The global crypto sector has long awaited the Bitcoin halving event 2024, and its completion has sent renewed optimistic signals across the community, while Bitcoin’s prices were also stable.
Traders, investors, and other stakeholders of the global crypto sector witnessed the Bitcoin halving event 2024, which ended this weekend. The event has been an influential factor for the crypto market since 2023, impacting Bitcoin’s prices and the market’s trajectory. Now that it is over, the market could see heightened demand for BTC.
This year’s halving event reduced miners’ rewards to 3.125 BTC from 6.25 BTC earlier. Although Bitcoin’s prices saw spikes of volatility earlier, they transitioned smoothly toward the end of the event. In the short term, one may not see a huge impact, but the long-term effects of the halving event are certain.
Crypto proponent Tim Draper said, “The simple reason that Bitcoin price goes up after the halving is that the supply goes down, and with continued upward pressure on demand, the price goes up naturally in a free market.” He went on to predict astronomical price targets for BTC.
Other analysts and experts in the global crypto sector diverted attention to the crypto mining industry. Since their mining rewards have halved, the industry could see more consolidation and stronger competition.
The halving event could also boost Bitcoin’s prominence as an investment asset over other traditional ones. Moreover, this year’s halving event is unique because BTC had already reached its previous all-time high before the event. One may say it signals a big crypto bull cycle in the months ahead.
The other unique factor this time is the spot Bitcoin ETFs. Together with the halving event, the ETFs could hold the potential for BTC to cross its historical barriers and resistance levels.
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