© Reuters Will Bitcoin Face a Bull Run After the Half of 2024?
- A Twitter user asked the community if they think the 2024 BTC shortage is worth it.
- In the past, after each halving, bitcoin experienced a bull run.
- BTC is currently trading at $16,589.38 after a 0.19% increase in price.
Plan B, the creator of the Stock-to-Flow model, took to Twitter on November 23 to ask the crypto community if they think that Bitcoin’s (BTC) 2024 half is worth it, or if BTC is right after the 2024 half.
The halving policy was written into Bitcoin’s mining policy in order to combat inflation by maintaining scarcity. In theory, reducing the speed of production means that the price will increase if the demand remains the same.
To date, there have been only three instances of Bitcoin reduction; the latest on 11 May 2020. One of the most important aspects of each session is that it leads to changes in the price of Bitcoin.
In the past, after each halving, Bitcoin experienced a bull run. It is important to note, however, that half the results will not be seen immediately, but after three or six months. Only time will tell if the same rule will apply to the 2024 midterm reduction.
Bitcoin / TetherUS 1D (Source: CoinMarketCap)
Data from CoinMarketCap shows that BTC is trading at $16,589.38 after a 0.19% increase in price over the past 24 hours, and after reaching a high of $16,771.48 during the same period. The leader of the crypto market is also currently in the green with 0.08% in the last seven days.
However, BTC underperformed its rival (ETH) by only 2%. Also in the red is BTC’s 24 hour trading volume which currently stands at $31,723,401,549 after a 4% decline.
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