Bitcoin (BTC) Halving Cycle May Usher in New Peak by Summer of 2025: IntoTheBlock
- PHPzOriginal
- 2024-09-10 00:24:12647browse
2024 started with significant momentum for cryptocurrencies like Bitcoin (BTC). However, the price of Bitcoin has been on a slow downtrend
Bitcoin (BTC) price downtrend commenced after hitting highs of $73,737 in March. Since then, several crypto spectators have questioned whether the bull market has ended.
However, IntoTheBlock anticipates a brighter future for Bitcoin. Analysts at the crypto analytics firm predict that the maiden cryptocurrency could peak in 2025. The analysis is based on the halving cycles, with the recent halving occurring earlier this year.
Bitcoin Price Down 12% From April Halving Price
In a Sept. 7 X post, IntoTheBlock analysts highlighted that the current cycle marks a 12 percent decline from its quadrennial halving price of $63,900.
Bitcoin mining reward halving is a pre-programmed code that takes effect every four years or after 210,000 blocks are mined on the blockchain. The quadrennial event slashes the reward miners receive for validating transactions by half.
The main goal is to control the Bitcoin supply and ensure its scarcity, unlike fiat currencies that have ever-growing supplies. Bitcoin has a fixed supply of 21 million, and reward halving helps to regulate how fast that limit is hit.
According to IntoTheBlock, the average duration between Bitcoin’s halving events and the subsequent peak is approximately 480 days. The previous halvings paved the way for astronomical rallies to new record highs. The fourth Bitcoin halving in April reduced the new BTC issuance rate to 3.125 BTC every 10 minutes.
This historical pattern puts the next expected peak in the summer of 2025, IntoTheBlock observed.
Notably, price predictions from market pundits vary wildly, with some saying Bitcoin could hit the lofty $250,000 threshold post-halving or rally above a staggering $500,000 by October 2025.
Bitcoin On The Verge Of “Biggest Bull Cycle”
Meanwhile, widely followed analyst Michaël van de Poppe has boldly predicted that Bitcoin is due for “final corrections” despite impending favorable macroeconomic conditions before enjoying a face-melting bull rally in the next two years:
“Liquidity was taken & Bitcoin is back up to $54.8K. Expect a max of $55.
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