Bitcoin price explosion to $100,000 is happening

YEREVAN ( — The buzz around Bitcoin’s next big leap is getting louder as we approach the 2024 halving event. For those unfamiliar, the BTC halving is a built-in feature that cuts the reward for mining transactions in half. This event, happening approximately every four years, is significant because it reduces the number of new bitcoins entering circulation, making BTC more scarce.

Bitcoin established a new record high
BTC price established a new record high. Source: TradingView

What’s the Big Deal About Bitcoin Halving?

Imagine Bitcoin as a cake. Initially, there was plenty to go around. But every four years, the size of the slices gets cut in half. If you still want a piece of the cake, you might have to pay more for it as it becomes more scarce. That’s the principle behind the Bitcoin halving. The next “slice reduction” in 2024 will reduce the reward from 6.25 bitcoins per block mined to just 3.125 bitcoins.

Looking back, halving events has often led to exciting times in the BTC market. Prices have tended to increase after these events. Why? Because the idea of getting fewer new Bitcoins for the same amount of mining work makes existing Bitcoins more valuable. Think of it as a “supply shock.” However, it’s not an immediate jump – the price increase can take months to unfold fully.

Bitcoin price $69K
BTC/USD price action before and after halving. Source: TradingView

Will BTC Price Hit $100K in 2024?

This is the million-dollar question (or, should we say, the hundred-thousand-dollar question). Predictions vary. Some experts, analyzing past trends and the increasing interest in BTC, see hitting $100,000 as a real possibility. They argue that with the halving reducing supply and interest in Bitcoin (both as a currency and an investment) growing, prices are poised to climb.

However, it’s important to remember the crypto market is notoriously volatile. External factors like regulatory changes, market sentiment, and global economic conditions also play a crucial role in Bitcoin’s price.

The Verdict

While historical data and scarcity principles suggest a positive outlook for BTC post-halving, predicting exact numbers is tricky. The road to $100K could be smooth or bumpy, depending on various factors beyond just the halving. What’s clear, though, is that the 2024 halving will be a key event to watch, potentially setting the stage for BTC’s next big price movement.

In conclusion, whether BTC price hits that $100,000 mark post-halving remains to be seen. We know that the halving will reduce the new supply of Bitcoin, which could make each Bitcoin more valuable. As with all investments, especially in the volatile cryptocurrency world, it’s wise to proceed with caution and research.

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