Bitcoin Braces for Bull Run as Countdown Begins to 2024 Halving Event
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The crypto community is counting down to the next Bitcoin halving event in April 2024, which will reduce the Bitcoin mining reward from 6.25 to 3.125 BTC per block.
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Historically, Bitcoin halving events have preceded major bull runs where the price surges to new all-time highs. The last halving in May 2020 preceded Bitcoin's rally to nearly $69,000.
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Analysts note Bitcoin often sees a pre-halving price surge around 60 days prior as hype builds, followed by a retrace around the actual halving date.
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After the halving is a stagnant reaccumulation phase where Bitcoin price oscillates, shaking out impatient investors.
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The reaccumulation phase is typically followed by a parabolic bull run where Bitcoin breaks out and rapidly achieves new all-time high prices.