Optimists Are Eyeing This Bitcoin Catalyst, But Here's Why It Might Not Pan Out
While Bitcoin (CRYPTO: BTC) is up more than 60% for the year, it is still having trouble breaking through the $30,000 mark. Over the past 30 days, Bitcoin is actually down 9%, and some investors now are warning that Bitcoin might fall even more before the year is over.
But longtime crypto investors are undeterred -- they are already looking ahead to the next Bitcoin halving event in April 2024. In the past, halving events sent the price of Bitcoin soaring, and they are fully expecting a similar outcome this time around. But is it possible that this catalyst, which slows the growth in Bitcoin's rate of new supply, might not pan out as expected?
If past results were a guarantee of future performance, then Bitcoin should be headed to the moon sometime in 2024. There have been three previous Bitcoin halvings (in 2012, 2016, and 2020), and each one has corresponded to huge price appreciation both before and after the halving. So, just about any mathematical model using these data inputs is going to tell you that the same thing is going to happen in 2024.
Source Fool.com
