The world-leading digital token by market cap has always been a risk-on asset since its inception. Since reaching an all-time high of $69,000 in November 2021, the currency has decreased by about 70%. The King currency is now fighting for a significant bull run.
At the beginning of the year, Bitcoin(BTC) started in the range of $46,310 and has decreased by 58.32% since then.
As the founder and CEO of the proprietary trading firm Factor LLC, Peter Brandt, noted, “Bitcoin has been in a bearish mode for some time. He forecasts that the asset might move between $17,000 and $23,000 until the next year and a half before launching a bull run towards new all-time highs.” It is unclear when conditions will return to normal because the present bear market has been associated with interest rate increases to handle the rising inflation.
However, renowned pseudonymous cryptocurrency trading expert PlanB is adamant that Bitcoin could follow its historical data and record a pump to create a new bull run following the next halving event. PlanB uses a conversation that adheres to the stock-to-flow (S2F) live model to an absolute T. By utilizing scarcity, this model calculates the worth of Bitcoin and makes predictions about its future price. The next Bitcoin halving, according to him, “will (again) inflate BTC,” he said.
A Bitcoin halving event occurs every 210,000 blocks. The time required to mine 210,000 blocks, at a rate of one block every ten minutes and 2,016 every two weeks, comes to just under four years. The upcoming BTC halving is scheduled for March 21, 2024. During this fourth halving, BTC will hit 840,000 blocks. We are halfway between the third and fourth times this will happen, which is in 744 days.
Events like this are important because they reduce the incentives offered to miners for mining Bitcoin, which entails confirming fresh transactions and creating new money.
