Bitcoin Halving 2024 is only 1 year away and this is not an April Fool’s joke

by James · April 1, 2023

The digital currency received a significant boost this year, and despite the tough regulatory crackdowns and fear, uncertainty and doubt (FUD) gripping the industry, the price of the cryptocurrency remained resilient.

The most important event in the history of Bitcoin (BTC) blockchain – The Halving event – is now planned for April 2024, suggesting it is exactly one year away. While the timeline for this event is often known in advance, the fact that April is here has increased the seriousness of tracking the halving event.

Halving is a network event where the reward scheme awarded to the miners of the Proof-of-Work (PoW) system that powers the Bitcoin blockchain is halved. Currently, the reward is pegged at 6.25 per block, and at the next halving coinciding with block 740,000, the reward will be cut to 3.125.

This reduction implies a deflationary tendency in the Bitcoin protocol, and it further extends the timeline for the total BTC supply of 21,000,000 to be produced.

Industry Response to Bitcoin Halving

Many experts in the crypto market consider the Bitcoin Halving a very significant event that solidifies the technological narrative championed by the world’s largest digital currency by market capitalization.

In line with the upcoming Bitcoin Halving, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist has described the year 2024 as a very important year for the BTC blockchain. According for the market veteran, there is a high certainty that there will be a convincing global recession within the next year, and when the time comes, the attractive appeal of Bitcoin will be recognized by institutional investors.

“Important, what’s blocking that path? In the bigger picture of these $10,000 moves at play, I strongly believe that a significant amount of bitcoin now can make you lose your hair,” McGlone said in a statement. “The bottom line is that smart investors, institutions on the planet every day feel like they need some of this wealth. I think when we get to ’24, at that point, we’re going to be talking about a very severe recession, at least “All Republicans are leaning toward the president, and it’s going to be a great setup next year. I’m really looking forward to it,” he added.

The position he took regarding institutional investors wanting to own a piece of the digital currency is also supported by many other market experts in what many described as a clear increase in demand for an asset whose production will be significantly reduced.

Bitcoin Price Outlook

With the higher demand and lower supply movement that will be ushered in by the next Bitcoin halving, it is a certainty that the price of BTC will be significantly affected.

The digital currency received a significant boost into this year and despite tough regulations and Fear, Uncertainty, and Doubt (FUD) gripping the industry, the price of the cryptocurrency remained resilient.

The digital currency is currently changing hands at $28,434.34, up 2% in the last 24 hours and by 71.74% in the period so far this year. With Bitcoin halving known to historically help BTC price growth, there are still expectations that this trend will repeat itself amid enthusiasm that is expected to grow.