On April 29 of this year, Bitcoin reached the $8,000 mark for the first time since March and a vital factor behind the surge is attributed to the incoming halving event. The Bitcoin halving event has a proven track record of spiking the price value of the digital coin pre and post-event as Bitcoin has seen unprecedented rises in days leading to the event as well as afterward.
Bitcoin has achieved gains for seven consecutive days. Bitcoin started this year strongly and saw an increase of over 40% in its value the next month as its price smashed through the $10,000 barrier. With just a few days to the halving, Bitcoin climbed above $9,000 in the early hours of Thursday and hit $9,400. The sudden jump in the price of Bitcoin which has seen an increase of over $1,500 suggests that the price is finally ready to make use of the momentum around its halving.
Now the most important question investors and experts are asking is whether Bitcoin can reach the $10,000 mark before the halving event. Reports from crypto analysts state that the number of “actual participants or investors in the Bitcoin market is also reaching new highs, all in preparation for the halving event.”