Bitcoin Halving: A catalyst for bull market continuation
Abdur Rahman | April 20, 2024 at 07:42 PM GMT+05:00
April 20, 2024 (MLN): Bitcoin halving, a technical event embedded in Bitcoin's code that occurs every four years to create scarcity, has bode extremely well for its price, history shows.
The event, also known as 'the halvening,' cuts the rewards for Bitcoin miners in half.
Yesterday, the latest halving occurred. This means the Bitcoin supply entering circulation every 10 minutes, known as block rewards, will drop by half, from 6.25 to 3.125 BTC.
Three months following the halving, the largest cryptocurrency has averaged a 66% gain. Over a six-month period, it has surged 354% on average, data from the past three halvings compiled by Mettis Global show.
Moreover, bitcoin has advanced a whopping 2,964% on average a year after the halving.
| Post-Halving Bitcoin Performance | |||
|---|---|---|---|
| Halving Date | After 3 Months |
After 6 Months |
After 12 Months |
| 2012 | 169% | 940% |
8,045% |
| 2016 | -6% | 38% | 285% |
| 2020 | 33% | 83% | 561% |
| Average Return | 66% | 354% | 2,964% |
Note: Sample size of this study is just 3
Bitcoin's halving happens every 210,000 blocks—around every four years—and has happened four times since 2009, when it was created.
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