• Bitcoin has been on a wild ride since January, with its value rising over 80%.
• Experts believe that the current rally could be just the beginning of even greater highs in 2024.
• Factors such as the US dollar’s fall in dominance and the halving event are driving this potential growth.
Bitcoin Surges In 2021
Bitcoin has experienced a significant surge in value since January 2021, increasing by over 80%. This is leading many experts to believe that this rally may only be the start of an even larger high in 2024.
Factors Driving Potentail Growth
The factors contributing to Bitcoin’s potential growth include the continuous decline of the US Dollar’s dominance and the traditional banking sector crisis. Last month, several major banks were closed down by federal authorities in America, which had a major impact on Bitcoin’s value and pushed it above $25,000 for the first time in months. Additionally, Bitcoin also has a limited supply compared to traditional currencies which can be printed at will. As more people buy and hold Bitcoin, thereby reducing available supplies on exchanges, demand increases – resulting in higher prices. The upcoming halving event set for 2024 is expected to drive this phenomenon further.
What Is The Halving Event?
The halving event is a pre-programmed event that takes place every four years within the Bitcoin network. It reduces miners’ rewards for validating transactions by half; thus creating less BTC available on the market and driving up demand and prices when fewer coins are being released into circulation.
Investor Interest Rising
As investors become increasingly interested in alternative stores of value due to declining US Dollars hegemony and banking sector crises, their interest is likely to push BTC values higher than ever before. Such occurrences have already been seen over recent months as prices have risen considerably from lows of $16k last year to trading as high as above $31k recently within 24 hours alone!
It seems clear that both internal factors such as halvings events and external factors like US Dollar decline could play important roles in driving up BTC’s price even further beyond its previous highs come 2024!