“2020 was a historic year for the financial markets of all types of assets and Bitcoin was no exception. On May 11, 2020, it was the most recent Bitcoin halving causing the block reward to drop from 12.5 to 6.25 Bitcoins. This activity has shown certain patterns and trends in the cryptocurrency market, one of them is that before and after each halving, there has been a significant increase in the price of Bitcoin, this is due to the decrease in supply and the growing demand,” said Nahuel Martinez, co-founder of crypto South American Miners (SAM).
Bitcoin halvings will take place every 210,000 blocks until reaching its maximum supply of 21 million, which would happen approximately in the year 2140. Then the miners would continue to obtain commissions for confirming transactions as a reward.
However, andhe cryptocurrency market is known for being highly volatile, and halvings are also a demonstration of this. During the periods before and after the halving, a higher level of uncertainty and price fluctuations can be expected.
Halvings have also been a turning point for Bitcoin adoption, as after each event, there has been an increase in interest and market share, fueling the growth of the cryptocurrency.
“The halving has always meant bullish years, so for the next one, scheduled for May 2024, the price of Bitcoin is expected to reach all-time highs again. Therefore, today there is a good window with low prices to enter since after the Halving its value could be multiplied up to 9 times.
unnamed (52).jpg
However, it is important to keep in mind that historical patterns do not guarantee future results and that the cryptocurrency market is highly volatile and susceptible to changes at any time, which means that you should always be alert to possible changes.” added from South American Miners.
In conclusion, the cryptocurrency market continues with many possibilities for growth. Although the continuous falls of bitcoin generate a reduction in the costs to mine and invest in cryptocurrencies that allows anyone to enter the market by placing a reasonable capital, It is likely that this situation will change after the next Halving, so it can be said that this is a good time to start mining Bitcoin.
unnamed (53).jpg
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
