Bitcoin Halving 2024 – Every “Bitcoin” investor and trader knows what halving is, but not that many analyze this phenomenon. This is crucial to know, cause it holds a secret to understand the current market state and Bitcoin market cycles clearly.
Halving is an algorithmic reduction of block reward by two (thus halving). It means, that miner will receive twice less reward for mining the block. This is one of the factors limiting supply and it occurs every 210,000 mined blocks.
The Bitcoin halving event in 2024 was a significant milestone in the cryptocurrency world. Let me provide you with some details
What is Bitcoin Halving?
Bitcoin halving, also known as the “halvening,” is a completely programmed event that occurs approximately every four years. It is embedded in Bitcoin’s code and is designed to reduce the rate at which new bitcoins are generated/created. Specifically, the block reward given to miners for validating transactions is cut in half during each halving event that occurs every 4th year.
Bitcoin Halving 2024 Analysis
Below is BTC price chart on weekly timeframe First epoch started at the origin old BTC and lasted till the first halving. I’m going to analyze every post-halving epoch step by step to analyze deeply.
In this analysis, Bitcoin has followed the same pattern. Every cycle the price reaches a new high. The time it takes is correlated with halvings.
- between 1st and 2nd halving it took around 12 months for BTC to reach new High.
- In between 2nd and 3rd halving, it took around 18 months.
- In fourth it took 11 months to reach the first top and the second – 18 months.
So currently are we in Bull Market?
History of bitcoin says yes. There are similar signs of premature Bull Market compared to data from previous cycles. “Trend is your friend”, so unless long term trend didn’t break it is said to follow it.
When Did the 2024 Bitcoin Halving Occur?
The fourth Bitcoin halving took place on April 20, 2024 as per resource, when the 840,000th block was added to the Bitcoin blockchain. At this point, the mining reward decreased by half from 6.25 BTC per block to 3.125 BTC per block.
Impact of the 2024 Halving:
The most powerful impact for this halving is transaction fees surged after the halving due to the launch of a new protocol called Runes. The halving block (block 840,000) saw a record-high 37.6 BTC fee attached to it, worth more than $2.4 million. Miners actively competed for this block because it contained the first “sat” (the smallest denomination of bitcoin) following the halving. The Runes protocol, developed by Casey Rodarmor, also launched at block 840,000, leading to a flurry of transactions.
Price Predictions
As of now, on April 12, 2024, Bitcoin was trade at around $66,000. The algorithm suggested a minor retracement a month after the halving, followed by a 14-month rally to a new all-time high of approximately $179,000 in August 2025.
Thank you for read the complete article! Here, my bonous tip for being successful as an Investor in Crypto market.
First focus on the big picture, LEARN about before investing, TEST them, USE them, engage in community and raise open questions if have any unclear doubts.
In summary, the 2024 Bitcoin halving had a significant impact on transaction fees and marked another step in Bitcoin’s monetary policy set by code. If you have any more questions or need further information, feel free to ask!
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