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Bitcoin halving is one of the most important events in the cryptocurrency market.
Anticipation appears to be in full swing for the next Bitcoin halving, which is estimated to happen sometime in March 2024, per Bitdegree data. Although the exact date cannot be predicted, past Bitcoin halvings usually take 4 years or thereabout to happen.
But there’s more that informs the prediction than just the last halving. Since Bitcoin was first created and launched in 2009, there have only been three halving events.
The first BTC halving took place on November 28, 2012, while the second halving event occurred on July 9, 2016. The last halving, which is also the most recent one, happened on May 11, 2020.
While the 4-year rule isn’t exactly plainly written, it is fairly certain that the next will also happen in 2024.
Bitcoin Halving to Affect BTC Price and Crypto Market
It might be worth noting that Bitcoin halving is one of the most important events in the cryptocurrency market. It attracts a lot of attention because of how it impacts Bitcoin (BTC) price.
Historically, every single halving brought about a significant BTC price surge. So it is only understandable why Bitcoin halvings are usually greeted with so much anticipation. For example, BTC price was around $12 just before the first halving took place in 2012. BTC cost around $12. However, after the halving, the asset peaked at a price of over $1,200, representing a 9,900% surge.
Similarly, Bitcoin was floating around the $650 price level before the second halving. As it turned out, the second halving brought about a massive surge that took the price to nearly $19,000.
Also, barely a year after the last halving, BTC price reportedly gained 533%.
But it is worth mentioning that, even as BTC price is expected to pick up the pace, so is the general crypto market. This is because Bitcoin currently rules the crypto market with about 60% dominance. And is commonly seen, when Bitcoin moves, the rest of the crypto market usually follows.