Will BTC price reach new highs?

The upcoming Bitcoin halving event is causing a lot of buzz in the crypto community, and Changpeng Zhao, CEO and founder of the world’s largest Bitcoin exchange (Binance), joined in the hype by tweeting about the countdown to the impending halving event.

According to the image on his official account on the platform (formerly Twitter), the Bitcoin halving event will be in 135 days on April 17, 2024.

The Bitcoin (BTC) halving occurs once every four years, during which the block reward (the incentive mechanism for Bitcoin miners to validate transactions on the Bitcoin blockchain) is cut in half. The block reward is currently 6.25 BTC per block, and will drop to 3.125 BTC after the halving.

The Bitcoin halving event is the talk of the crypto market, which is trying to catch its breath and gain momentum after a difficult 2022. The value of the crypto market, led by the leading digital currency Bitcoin, has witnessed a decline. This increase is mainly due to the decrease in the supply of Bitcoin in the market, as demand exceeds the number of available coins, and thus the basic principles of supply and demand cause the price of Bitcoin to rise to new record levels. For example, the Bitcoin halving event in mid-May 2020 caused a significant increase in the value of Bitcoin from less than $10,000 to reach $69,044 the following year.