In recent days, the cryptocurrency market witnessed strong volatility in the price of Bitcoin, which fell and traded at around $59.650 on Binance. However, the Bitcoin and the broader cryptocurrency market saw a significant recovery today, April 19, with the halving event “knocking on the door.”
The largest market cryptocurrency registered a recovery as the halving event, the halving of Bitcoin, approaches. The halving is scheduled to take place today, April 19th. As the fourth Bitcoin halving approaches, the cryptocurrency community is paying attention to possible price fluctuations. Historically, halving events impact prices, with Bitcoin rallies often coinciding with halving events.
The halving takes place approximately every four years and its main objective is to halve the rewards attributed to Bitcoin miners, which, theoretically, reduces the supply of new coins on the market and can positively influence the price.
At the time of publication, the Bitcoin price it was quoted at US$65.011,04, up 4.3% in the last 24 hours. During this period, the largest cryptocurrency on the market had a trading volume of US$52.206.003.456.
Bernstein externalizes potential for resumption of Bitcoin bull run after halving
Given the proximity of the halving, analysts from the research and brokerage company Bernstein expressed the potential for resumption of Bitcoin's bull run after the event. According to information from The Block, experts believe that the largest cryptocurrency on the market will resume its upward trajectory after the halving.
In a recently released note, Bernstein analysts Gautam Chhugani and Mahika Sapra highlighted the lofty target for Bitcoin of US$150.000 by the end of next year. “We expect bitcoin's upward trajectory to resume after the halving when mining hash rates adjust and ETF flows resume (negative to stable flows over the last 10 days),” they stated.
