Bitcoin Breaks Historical Trend with All-Time Highs Ahead of Halving

According to Blockworks, Bitcoin has broken its historical trend by hitting an all-time high ahead of the upcoming halving. Historically, every Bitcoin halving happened a year or two before reaching a new all-time high. This is partly because halvings reduce the block rewards paid to miners, thus making Bitcoin even scarcer. Bitcoin's previous three halvings occurred near all-time highs, which then led to a drop in price until the next halving helped trigger another rally.
For the first time in its history, Bitcoin set an all-time high near its halving when it hit $70,000 this month. Blockworks researches how Bitcoin's price has responded to previous halvings. The first halving in November 2012 caused the price of Bitcoin to jump from around $12 to $229 in April 2013, and then to around $1,132 in November 2013. After the second halving in July 2016, the price of Bitcoin gradually rose over several months before picking up momentum in May. 2017, reached a new high of around $19,188 in December 2017.
On the third halving in May 2020, the price of Bitcoin rose from around $8,500 to over $40,000 in January 2021, and then reached $63,000 in April before peaking above $67,000 in November 2021. With the next halving in April 2024, it remains to be seen if the trend of price movement after the halving will continue, as the situation is very different this time around. Bitcoin's ongoing rise to all-time highs above $73,000 is uncharted territory for halving, which previously occurred as Bitcoin's price was well below previous peaks. #BTC