Bitcoin completes its 4th Halving – Will BTC’s price climb by 500x again?

its 4th halving in the early hours of 20 April GMT. Owing to the halving, mining rewards have now fallen to 3.12 BTC from 6.25 BTC. The once-in-4-years event,As expected, much volatility has been the norm on Bitcoin’s price charts over the past few weeks in light of the halving. At the time of writing, BTC was valued at $63,370, having fallen by almost 2% in the last 6 hours alone. Indicators pointed to bearish inclinations as the Moving Average was positioned well above the price candles.

Indeed, the halving in July 2016 was followed by a 3x rise in BTC’s value over the next 12 months. Similarly, the last halving in May 2o20 saw the king coin explode by 500% in the following year, as per AMBCrypto’s analysis. The latest halving holds significance because it comes amidst what still appears to be a bull market phase.

The demand for Bitcoins has skyrocketed following the listing of spot exchange-traded funds in the U.S earlier in the year. The new investment avenues have attracted aof over $12.23 billion since their listing. This means that on average, nearly $120 million in Bitcoin flows into these funds daily.On the other hand, the number of new Bitcoins getting mined daily stood at an average of $50 million, AMBCrypto found using Glassnode’s data.

Hence, the demand exceeded supply by a factor of more than 2x, at the time of writing. With supply set to dip further, the gulf can be expected to widen further, causing Bitcoin to rally.Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.

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