Media reports citing crypto analysts forecasting the leader, Bitcoin, rising in price to over USD50K due to a ‘halvening’ (some call it ‘halving’):
- halvening cuts in half the amount of tokens that Bitcoin miners receive as reward for their work
- this happens every 4 years
- due next around April 2024
- is part of the process of capping Bitcoin supply at 21 million tokens
The aftermath of the last three halvings saw BTC hit new highs.
A Bloomberg analyst says:
- “Bitcoin cycles bottom around 12-18 months prior to the halving and this cycle structure looks similar to the past ones, albeit many things have changed — while the network is vastly stronger, Bitcoin has never endured a prolonged severe economic contraction,”
This article was written by Eamonn Sheridan at www.forexlive.com. Source