Bitcoin Halving 2024: The much-awaited Bitcoin halving event nears, and a dichotomy between the optimism of bullish investors and the caution of so-called ‘halving bears’ has taken the crypto world by storm. This primarily emerges as the BTC token braces for phenomenal price volatility ahead of the halving event, piquing significant investor attention.
With the total number of bitcoin tokens that miners can potentially harvest being halved (as the event name suggests), bullish sentiments in the market signal a potential price rally for BTC, aligning with the scarcity of new tokens harvested. Whereas skeptics fear a downturn as miners are rewarded less, in turn reducing the incentive to mine more Bitcoin. This sentiment clash in the market often manifests in heightened market volatility, as seen by the BTC token currently.
As of press time, the Bitcoin token traded at $63,270, with a 4.70% dip in its price over the past 24 hours. Notably, the token illustrates phases of a pre-halving correction, with the market witnessing panic selling and FOMO buying in hand. This phenomenon curated waves across the vast sea of crypto, with investors speculating over Bitcoin’s price action post-halving. Historical data portrays that the token witnesses a dip right before the halving, whereas following an extended consolidation post-halving, the BTC price trajectory embarks upon a parabolic uptrend.
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