This scarcity is one of the key factors driving the value of Bitcoin. As the supply becomes more limited, the demand for Bitcoin increases, leading to price appreciation. The previous two halvingHalving is a pre-programmed event in the code of certain cryptocurrencies, most notably Bitcoin, where the reward for mining new blocks is cut in half. This effectively reduces the rate at which new coins are created and earned by miners. Purpose: • Controlled Supply: Cryptocurrencies like Bitcoin have a fixed supply cap (21 million for Bitcoin). Halving ensures that the... More events, which occurred in 2012 and 2016, were followed by significant price rallies. In 2012, the price of Bitcoin increased from around $12 to over $650 within a year. Similarly, in 2016, the price surged from around $650 to nearly $20,000 in less than two years.
Long-established Chartered’s forecast of $100,000 by the end of 2024 is based on the assumption that history will repeat itself and that the next halving event will trigger another bull run. However, it is important to note that the cryptocurrencyCryptocurrency is a form of digital or virtual currency that uses cryptography for security and operates independently of a central authority or traditional banking system. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. Key Features: • Decentralization: Cryptocurrencies operate on a decentralized network of computers, meaning no central authority governs or regulates it. • Cryptography: Secure transactions and... market is highly volatile and unpredictable. While Long-established Chartered’s prediction is based on careful analysis and market trends, there are no guarantees in the world of cryptocurrencies.