Famous cryptocurrency analyst Ali Martinez recently sent out a tweet that sent shivers down the spine of the cryptocurrency world. He hinted that the next Bitcoin halving, which is scheduled for April 2024, would send the most popular digital asset into a prolonged period of positive trends. Martinez, who is well respected for his perceptive market analysis, stressed that price fluctuations of Bitcoin (BTC) are cyclical and closely related to the cryptocurrency’s halving occurrences.
https://x.com/ali_charts/status/1740671046582149381?s=20
The analyst noted in a tweet that the four-year cycles in Bitcoin’s architecture are driven by its halving occurrences and often mirror its market activity. He pointed out that historically, this pattern corresponds to three years of rising trends and one year of falling trends. Martinez claims that this cycle indicates that Bitcoin is presently in an upward phase, with the possibility of an extension until December 2025.
Critical moment for Bitcoin
The upcoming Bitcoin halving is expected to happen once the 740,000th block is reached. The block reward will drop to 3.125 coins from the current 6.25 coins as a result of this occurrence. Given that the network averages one block every ten minutes and that the time it takes to produce new blocks varies, the precise date of the halving is yet unknown.
The most recent halving of Bitcoin took place on May 11, 2020, resulting in a significant drop in mining rewards from 12.5 coins per block to 6.25 coins. The limited supply, as anticipated, added to the optimistic picture. One month prior to the halving, on April 11, bitcoin’s value was $6,877. During the event, it surged to $8,821. After the incident, the price increased for the next year, with some noteworthy variations, and on May 11, 2021, it reached $49,504.
According to the most recent market statistics, Bitcoin is currently trading at $42,831. The digital asset has shown a generally favourable trend, with an 11.89% growth in the previous 30 days despite a little 0.22% decline in the last 24 hours. Both experts and investors are keeping a careful eye on these developments as they hope that the impending Bitcoin halving event would provide the cryptocurrency market with some bullish impetus.
