2024 Bitcoin Halving -What You Need to Know and How to Prepare

2024 Bitcoin Halving -What You Need to Know and How to Prepare

Bitcoin halving is a big deal in the world of cryptocurrencies. It happens about every four years and cuts the number of new bitcoins being made in half. As we edge closer to the Bitcoin halving 2024, let’s explore the historical bitcoin halving dates, the anticipation building around the bitcoin halving countdown, what has happened in past halvings, what experts predict for the next bitcoin halving event, and how to maximize your trading strategies on AvaTrade in anticipation of the next bitcoin halving.

What’s Happened Before

Since Bitcoin started, there have been three halvings:

  • 2012 Halving: The reward for making new bitcoins dropped from 50 to 25 bitcoins. After this, the price of Bitcoin jumped from $11 to over $1,100 in a year.
  • 2016 Halving: The reward was cut to 12.5 bitcoins, and the price eventually went up to nearly $20,000 in 2017.
  • 2020 Halving: The latest halving reduced the reward to 6.25 bitcoins. Despite some uncertainty, the price soared to about $65,000 in April 2021.

past bitcoin halving effects on the price

These milestones demonstrate a consistent pattern, the scarcity induced by halvings tends to drive up Bitcoin’s price, highlighting the importance of understanding the bitcoin halving chart, bitcoin halving history, and when the next bitcoin halving will occur.

What the Experts Think Is Next

With the upcoming bitcoin halving 2024, the crypto community is buzzing with speculation and forecasts. Analysts predict that this event could significantly impact Bitcoin’s value, with some bitcoin halving 2024 predictions suggesting that prices could soar to $100,000 or beyond.

This optimism is rooted in the reduced supply of new bitcoins and an escalating demand driven by greater adoption among businesses and investors, the proliferation of crypto-related projects, and the inflow of ETFs into the cryptocurrency space.

  • Standard Chartered has taken a bullish stance, revising their prediction upwards to a possible $120,000 by the end of 2024, influenced by factors such as the banking sector crisis and the increasing profitability of Bitcoin mining.
  • In contrast, JPMorgan projects a more conservative figure, estimating Bitcoin could reach $45,000, drawing parallels between Bitcoin and gold’s investment value, especially with recent surges in gold prices.
  • Matrixport, a key player in the crypto services sector, envisions Bitcoin’s price possibly climbing to $125,000 by the end of 2024, citing historical price patterns and Bitcoin’s breach of $31,000 in mid-July as indicators of a bullish future.
  • Venture capitalist Tim Draper, despite a missed prediction for 2023, remains optimistic about Bitcoin’s value potentially reaching $250,000 by 2024 or 2025, highlighting the cryptocurrency’s enduring promise despite regulatory hurdles.
  • Berenberg bank has adjusted its forecast to $56,630 by the halving event in April 2024, buoyed by growing institutional interest and the anticipated impact of the halving itself. On the more speculative end, Blockware Solutions suggests that Bitcoin could see an unprecedented rise to $400,000, emphasizing the halving’s role in reducing sell pressure from miners and sparking demand-driven price surges.

However, the crypto market remains notoriously volatile and unpredictable, swayed by regulatory developments, economic factors, and technological advancements. Thus, while the bitcoin halving countdown fuels excitement, it also warrants a measured approach to investment.

How to Get Ready for the Halving on AvaTrade

If you’re trading on AvaTrade, the upcoming halving is a great chance to think about your strategy. Here’s how to get ready:

  1. Do Your Homework: Keep up with the latest on Bitcoin. AvaTrade has lots of resources to help you stay in the know.
  2. Spread Your Bets: Putting all your money in one place can be risky. Think about diversifying your investments to manage risk better. Some analysts say you should only put around 5% of your portfolio into cryptoassets.
  3. Use Tools to Analyse the Market: AvaTrade offers tools that can help you figure out when to buy or sell Bitcoin based on market trends. These include tools on Trading Central, which you can find on WebTrader, as well as market updates and analysis.
  4. Think About the Long Haul: Bitcoin has grown a lot after previous halvings. If you can, holding onto Bitcoin for a while could pay off. But, remember never buy more than you can afford to is as Bitcoin is volatile.
  5. Set Limits to Protect Your Investment: Because Bitcoin’s price can swing a lot, setting stop-loss orders can help prevent big losses.
  6. Be Ready for Ups and Downs: The crypto market can be a rollercoaster. Being prepared for the ride can help you make smarter decisions.

The halving is not just a technical thing; it’s an event that could really shake up the price of Bitcoin and the whole crypto market. By staying informed and thinking carefully about your trading decisions on AvaTrade, you can be better prepared for whatever comes next. Just remember, trading is risky, and it’s always a good idea to do your own research and think about your financial situation before diving in.

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