Will Bitcoin Experience A Bull Run After the 2024 Halving?
Plan B, the creator of the Stock-to-Flow model, took to Twitter on November 23 to ask the crypto community whether they think that Bitcoin’s (BTC) 2024 halving is priced in, or if BTC will pump after the 2024 halving.
The halving policy was written into Bitcoin’s mining algorithm to counteract inflation by maintaining scarcity. In theory, the reduction in the pace of Bitcoin issuance means that the price will increase if demand remains the same.
Till now, there have only been three Bitcoin halving events; the most recent being on 11 May 2020. One of the most important elements of every halving is the fact that it brings with it a change in the Bitcoin price.
Historically, after every halving, Bitcoin experienced a bull run. It is important to note, however, that the effect of the halving will not be seen immediately, but after about three to six months. Only time will tell if the same rule will apply to the 2024 halving coming up.
Data from CoinMarketCap indicates that BTC is currently trading at $16,589.38 after a 0.19% increase in price over the last 24 hours, and after reaching a high of $16,771.48 over the same time period. The crypto market leader is also currently in the green by 0.08% over the last seven days.
BTC did, however, weaken against its rival Ethereum (ETH) by just over 2%. Also in the red is BTC’s 24 hour trading volume which currently stands at $31,723,401,549 after a more than 4% decrease.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss
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