Enthusiasts keep on fanning the flames, bitcoins seems to be the center talk from the beginning of this year. Statistics have been drawn, records have been shown. I wrote about some of this track records in the first part of this article,Fourth bitcoin halving, fourth month in year 2024: Part 01, it would be nice to check it out to have an in depth understanding. Looking at the slang that is generated, you know the four four of 2024, the wishes would be for it to just go smoothly.
I guess if the market was a smooth place, interest wouldn't have been made. I must say the first and second halvings played a positive role and did bitcoin the needed favor. A lot really depended on that and it did pay off. We all saw the over 8100% rise that got everyone's eyes fixed on what indeed has become a big thing. I must say, Bitcoin and the whole crypto market have endured a lot of downs some few years before the sudden light last year which gave the cryptoverse the needed hope.
Was it actually warming up for the next big thing, you know as I had once said, adding to the fact that the pressure of bitcoin ETF is getting very close to an almost cannot reject from the SEC. Predictions have come in from numerous angles and experts if both the halving records and the ETF should persist. Can bitcoin surpass the 200K mark as some experts predict? How would the financial market look in such a state? Could this be the long awaited dominance we've been waiting for? We all know such price surge will definitely favor altcoins coins too, helping to wake up projects that have been in the dark zone for a while.
Third bitcoin halving; May 11, 2020
I know there was a lot of predictions before the May 11,2020 halving. A lot expected bitcoin to reach 100K price mark while some expected even more. There were also market experts who expected bitcoin to hit 50K and over which did come to pass. Truth be told, a lot of it was not out of expert prediction, some were just mere talks without any reasonable proof, that urge to want it happen because you have a stake. Just saying this so that you'll be careful when someone walks up to you and say he predicted the last bitcoin halving perfectly, the direction of the market just went his way, nothing else.
The third split brought the block reward down by another 50% keeping miners reward at 6.25. Hmmm, mining from here is showing a lot of difficulties. Bitcoin was roughly at $8,800 dollars during halving day, very impressive as compared to the previous halving in 2016 when there was a 154% market decrease when calculated from the 12 months peak after first halving. The reversed seems the case, moving $2,520 dollars market price 12 months from 2016 to $8,800 shows an almost 350% market rise. After the halving process was completed, the 3,600 hours market price which is for 5 months kept the price at a rough $10,950 a massive 124.5 % increase as compared to 116 percent increse within the 3,600 hours of 2016.
We see an 8.5 percent positive shift, can this mean the awareness and confidence of investors had grown so huge? What followed was another astonishing record has bitcoin did hit $55,990 dollar market price mark in the 365 days later calculation. Wow! And wow!! again, some fractions above 636% when calculating from its halving day and a 511 percent rise seven months later from the 3,600 hours calculation. In short by November of the next year bitcoin did hit its all time high of over $68,700 dollars before the sudden decline.
I must say, 2022 did make a rough year for bitcoin with unexpected market declines caused by various factors. We even saw bitcoin later drop below the $16,000 dollar mark in the process. It was as if it was the end of bitcoin. Perhaps it happened to fish out the crypto faithfuls. Lols, how faithful can one be when you see your dollar depreciate from over $68,000 to below $16,000. I tell you, this is not for the ordinary, this is a true display of HODL or maybe it was left to die. We saw the bounce back from late last year. Could it be responding to its track record? As we speak, bitcoin is swinging within the 40K to 44K market price. Will there be another market surge of the decade? We are left only to predict, time will reveal it all, yet in the same vein, do not underestimate records
An inevitable bull, can it be?
There is a saying, no one is indispensable, can we also say, 'no market is indispensable'? You need to also note, it happened once, it happened twice, it happened thrice, as we speak, there has been a gradual bounce back since September of last year. Can this be a market mistake or it correcting itself to the specified direction?. Does the market make result or people result the market? You know, I keep on saying, the market can do nothing without the people, to be sincere the people are indeed the market. All that record mentained is because people were very much involved. At any angle you wish to side from, for it to repeat that cycle, people will again be involved.
To conclude let me add, April 2024 is at the corner and lots of investors are getting ready for the luxuries the halving has to offer. Do you own research and also invest what you can afford to lose. No market is too certain, that's why it's there for everyone. I wish bitcoin the best of record this coming fourth halving. It will really boost enough confident in the cryptoverse especially after climbing from the below $16,000 dollar mark where a lot taught it was end of game for bitcoin. To all crypto enthusiasts, keep your eyes open, dont let seasoned investor trick you.
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