Bitcoin experienced a significant rally, surpassing $100,000 for the first time, after the April 2024 halving event. This price surge is attributed to the reduced supply of new bitcoins entering the market, historically leading to price increases. While the rally suggests a bullish trend, indicators suggest that a cycle top may still be some time away.
Bitcoin broke out of its post-halving consolidation to hit fresh record highs above $100K, before pulling back below that level.
For the uninitiated, the Bitcoin Halving is when the reward for mining new bitcoins is cut in half. This reduces the rate at which new bitcoins are created and thus, lowers the total supply of new bitcoins coming into the market. The halving tends to increase scarcity and historically has led to an increase in the price of bitcoin, though of course it's not guaranteed to do so in the future.
beyond this simple cycle analysis, though it’s critical to watch how those catalysts evolve in the coming year and beyond. After spiking above 6% in mid-2024, the year-over-year growth in global money supply has ticked down to closer to 2% as of writingOne of the key narratives driving Bitcoin’s value is the idea of “hard money” or a hedge against fiat currency debasement, and if global money supply starts to contract in 2025, that could weigh on the cryptocurrency.
Bitcoin Cryptocurrency Halving Price Surge Bull Market
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