Here’s why crypto analysts tip BTC/USD at US$50,000 next year (spoiler – “halving” coming)

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 Source