Bulls predict a rally spurred by scarcity following the halving of Bitcoin, citing previous increases.
Bitcoin’s trajectory is influenced by market perception, consumer habits, adoption, and technology.
The impending Bitcoin halving event has caused a rift among market participants in the world of cryptocurrencies. However, it created an optimistic outlook while others take a cautious attitude. The cryptocurrency world is anxiously anticipating the potential market repercussions as the countdown to the subsequent Bitcoin halving at block 840,000 on April 27, 2024, begins.
Predicting a Scarcity-Driven Rally
The previous Bitcoin halving, which occurred on May 11, 2020, at block 630,000, was a crucial turning point in the development. By cutting the block reward in half, from 12.5 Bitcoins to 6.25 Bitcoins, the halving substantially slowed the rate at which new coins entered the market and fought inflation.
In the past, Bitcoin price halvings have been linked to greater volatility and n
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