The crypto community and many of its players are expected to shift focus toward the Bitcoin halving, an event that occurs every four years and cuts the market supply of new Bitcoin (BTC $37,207) in half. With the next halving event scheduled for April 2024, the Bitcoin mining reward will reduce from the current 6.25 BTC to 3.125 BTC, stated Cointelegraph.
Sources revealed that Chang Peng Zhao, CEO, Binance, used Twitter to set the countdown for the next halving in an X (formerly Twitter) post. This is expected to remind everyone that the next BTC halving event is only 135 days away, Cointelegraph added.
It is expected that during the last bull cycle, which started in 2020 with the halving in May 2020, the BTC price traded under $10,000 almost two months before the halving period.
However, the pre-halving bullish momentum saw BTC price surpass the previous cycle’s all-time high of around $17,000. After halving, the BTC price broke into parabolic momentum and touched a new all-time high of over $69,0000, Cointelegraph concluded.
(With insights from Cointelegraph)
