Bitcoin’s upcoming halving event has been the talk of the crypto world for months. Now, with just weeks to go, analysts are comparing the current cycle to past halvings to understand what may happen next. This article breaks down how the current halving cycle stacks up against the last two and what that could mean for BTC’s price. For businesses in the crypto industry, keeping an eye on these price movements can inform marketing strategy and investment decisions.
The current Bitcoin halving cycle is advancing, and a recent milestone was the passage of 150,000 blocks. A halving is a periodic event that occurs every four years, during which Bitcoin’s mining rewards are reduced by half. This reduction leads to a decrease in the supply of Bitcoin, making it more scarce and checking inflation. Bitcoin has gone through three halving events so far, and the next one is expected to take place in 2024. Using the number of blocks since the cycle began as the common denominator, an analyst on Twitter has compared the different cycles and found some similarities. The timing of the bear market bottoms in all three cycles was similar, and the latest cycle resembles the second cycle’s rally out of the bear lows. The realized price of Bitcoin, which is the average acquisition price in the market, has acted as support during bull markets and resistance during bearish periods. Bitcoin is currently trading at around $24,600, up 11% in the last week.