Bitcoin Up 30% Since 2024 Halving
Bitcoin holders are marking one year since the 2024 halving by highlighting the asset’s resilience during ongoing global trade tensions and speculating that the current market cycle may be accelerating due to increased institutional involvement.
The 2024 halving event reduced the Bitcoin block reward from 6.25 BTC to 3.125 BTC, effectively cutting new supply in half.
Despite rising fears surrounding the intensifying trade war between the United States and China, Bitcoin has gained over 33% since April 2024, according to data from Cointelegraph Markets Pro.
“So, even though Bitcoin’s showing resilience, I think the mix of past experiences, economic uncertainty, and this selling pressure is keeping investors on the sidelines, waiting for a stronger green light before they jump in,” said Enmanuel Cardozo, a market analyst at Brickken.
Cardozo also suggested that the growing involvement of institutional players such as Strategy and Tether could influence the pace of Bitcoin’s traditionally four-year halving cycle.
He added that Bitcoin’s price movement is still largely dependent on macroeconomic policy and noted that a potential Federal Reserve rate cut in May or June could inject more liquidity into the economy and give Bitcoin a further boost.
The halving is a built-in mechanism in Bitcoin’s protocol that ensures a controlled issuance rate, contributing to its scarcity — one of its key monetary attributes.
According to Vugar Usi Zade, Chief Operating Officer at Bitget, growing institutional demand and the impact of Bitcoin ETFs may be shortening the usual Bitcoin market cycle.
He told Cointelegraph that ongoing institutional accumulation, paired with reduced supply following the halving, could support a faster rise toward new price highs.
“With growing scarcity triggered by the halving, Bitcoin will likely retest its all-time high if it breaches the $90,000 mark in the coming weeks,” Usi Zade said, adding: “While the halving offers a good basis for growth based on demand and scarcity, the timeline for impact on price can vary over time.”
He also emphasized that Bitcoin’s performance continues to closely follow trends in traditional financial markets and broader investor sentiment.
Bitcoin reached a new all-time high above $109,000 on January 20, which came 273 days after the 2024 halving — a notably shorter timeline compared to previous cycles.
In contrast, it took 546 days to reach a new high after the 2021 halving, and 518 days after the 2017 halving, according to data shared by crypto trader Jelle in an April 8 X post.
Sources:
https://cointelegraph.com/news/bitcoin-up-33-halving-analysts-institutional-cycle-acceleration
https://x.com/CryptoJelleNL/status/1909541728731922805/photo/1
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