IntoTheBlock: Bitcoin will grow by 600% after halving

IntoTheBlock analyst known as Slim Daddy predicted the growth of bitcoin BTC $74,969.28 Bitcoin 0.72% Market capitalization $1.48 trillion VOL. 24 hours $3.72 billion after the halving that will take place in the 20th of April.

The expert recalled that after each halving, the increase in the value of the crypto asset became smaller over time. «Following the trend, we can expect that after the 4th halving of rewards, we will see the Bitcoin rate rise by about 600%,» the expert said.

The analyst emphasized that after the first halving, the price increased by more than 6000%. However, after the 2nd procedure, this figure was approximately 3000%. The last halving took place back in 2020, when BTC quotes jumped by 1200% from the local price low.

The expert noted that such a pattern indicates that the bitcoin market is gradually becoming more mature and less prone to sharp ups and downs.

Bitcoin halving can affect the price of the cryptocurrency for several reasons. This procedure reduces the number of new coins entering circulation. In turn, this leads to a reduction in supply on the market. If demand remains or increases, the price starts to rise.

The psychological effect on traders and investors should not be forgotten. Halving is often seen as an event associated with an increase in the bitcoin rate. Looking at the historical data, it is obvious that every time the remuneration of miners was reduced, the price of the crypto asset increased. According to crypto experts, this may attract more new participants to the market and stimulate investment in bitcoin. In turn, this will lead to an increase in quotes in the future.