Key Points
- Bitcoin is about 10 hours ahead of the 2024 halving event.
- While the market remains highly volatile, it’s interesting to analyze BTC’s price one month after the previous halvings.
Only a few hours are left until the 2024 Bitcoin halving. The market has been seeing increased volatility amidst various geopolitical events that caused sudden price dips. However, the price of Bitcoin was able to rebound quickly after each one, a sign that optimism is still in the cards in the crypto industry.
At the moment of writing this article, Bitcoin is trading above $64k, up by over 4% in the past 24 hours on CoinMarketCap.
In the prior cycles, the halving was always a catalyst for Bitcoin’s price that eventually took the coin to new heights. But now, BTC managed to break new ATHs ahead of the event, and this means that history may not truly repeat itself.
While this halving will be quite different from the past ones, according to more analysts, it’s still interesting to review the prices that Bitcoin managed to reach one month after each of the past events.
The 2012 halving
The halving in 2012 took place on November 28. The block reward before halving was 50 BTC, and it dropped to 25 BTC after the event.
A month before the halving, Bitcoin was priced at around $10.26. Following the halving, the price increased to approximately $13.42.
The 2016 halving
The halving in 2016 took place on July 9. The block reward dropped from 25 BTC to 12.5 BTC following the event.
Bitcoin was trading at about $583.11 a month before the halving and rose to around $597.50 a month after. The price hit a low of $670 around the time of the halving but surged to $2,550 by July 2017.
The 2020 halving
The past halving took place on May 11, 2020. The block reward dropped from 12.5 BTC to 6.25 BTC.
Before the halving, Bitcoin’s price was approximately $6,909.95 and increased to around $9,850 a month after the event. The price experienced a significant rally in late 2020, soaring from roughly $11,000 in October 2020 to about $60,000 by March 2021.
2024 Bitcoin halving approaches
Bitcoin’s halving event is scheduled to take place around 10 hours for now, and it will cut Bitcoin miner rewards per block from 6.25 BTC to 3.125 BTC.
While the Bitcoin mining companies have been having a tough time, with interest switching from mining shares towards BTC ETFs, they remain optimistic.
Chief executives of the mining companies remain bullish, addressing low-cost operations, more effective equipment, and the growing demand for Bitcoin. More optimism also comes from Ordinals and Runes as well.
