BTC Price Breaks $29K Around 1 Year Countdown To Bitcoin Halving; What Next?

Crypto News: At a time when recession fears continue to grow with implications on US stocks, Bitcoin price took a jump to a new 10 month high on Monday. The S&P 500 took a drop earlier on Monday, ahead of the release of the key Consumer Price Index (CPI) data this week. The inflation data is key to the US Federal Reserve’s interest rate hike decision when the Federal Open Market Committee (FOMC) in May 2023. Meanwhile, the crypto community is hoping that the macro data this week could trigger a Bitcoin price jump beyond $30,000.

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The crypto market went bullish as the top cryptocurrency took aggressive turn to breach the $29,000 mark on Monday. The sudden rise in BTC price could be attributed to the sudden rise in Tether USDT market cap around the same time on Monday.  Also, it is expected that the next Bitcoin halving is estimated to happen around 28 April, 2024. Therefore, the one year countdown for Bitcoin halving will begin in less than three weeks. This gives all the more reason for traders to believe there could be added momentum for Bitcoin price upside.

Bitcoin Halving Countdown

According to Coingecko data, the Bitcoin block reward will reduce by half to 3.125 coins in around 383 days. The Bitcoin halving will happen at block #840,000. Hence, the estimated time of reward drop would be April 28, 2024. This event could be extremely bullish for not just the top cryptocurrency but also the crypto market considering the unprecedented bear run in 2022. Although largely unsubstantiated, traders anticipate that the halving event will lead to BTC price surpassing the previous all time high of $69,000 to all the way for $100,000 in 2024.

From the current level of under $30,000, exponential growth forecast for the top cryptocurrency could place BTC for a 10X jump after the 2024 event. In the last two 4-year cycles, halving caused a 20X and 13X jump respectively for the cryptocurrency.

Also Read: Will U.S. Inflation Data & FOMC’s Minutes Propel Bitcoin’s Price Above 30K?