April, the month of BTC halving

Hello guys,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "April, the month of BTC halving" which was organized by @yancar for the community. It is an interesting contest and I would love to drop my entry ASAP.

Source

Before we go ahead I would like to invite @ruthjoe, @drhira, and @m-fdo to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.

What is your analysis after the BTC halving occurs, both for this coin and for Steem?

Bitcoin halving is the process of slashing the reward of miners by half and that is where the word halving came from. This event happens after every 4 years.

This means that if the reward of miners was initially 4, after the halving their reward will become 2. This has been happening since Bitcoin came into existence. The last halving took place in 2020 and now in 2024 we are expecting it this month.

So when the halving takes, my analysis is that the price of Bitcoin will skyrocket and go very high because the law of demand will be set which states that the lower the resource the higher the price.

During the Bitcoin halving, all crypto including our dear Steem token will also rise and for that reason, I'm expecting the Steem token to reach up to $1.5 for one. So that is my analysis of the assets at the moment.

History is important, tell us what happened in the two previous halvings.

The two previous halves I would like to talk about are 2016 and 2020 respectively. So for the 2016 year, the closing price for BTC was around $700.97 which was after the halving took place, and in 2020 the price was at $9,268.51.

From both prices listed above you will agree with me that during the halving the price of the asset always skyrockets to stay above the previous and even this year we have seen that the current price even before the halving is far more than what we have in 2020.

This means that as the days pass by, the price continues to move higher especially during the halving or after the halving period. We are estimating the price to close above or close to $100,000 this year.

Show an article that draws your attention to an analysis of the event (respecting the author's rights).

From the article I have read recently about how far the Bitcoin token will move this year as in the link 🔗 I have come to understand that the author's predictions were almost very correct because the prices as he said it for the year 2024 to 2030 is what is happening at the moment.

Though we just started the year 2024 looking at his analysis the price range is still in place as to what he said the price of the token will be this year. So if that of the year ends as predicted or is in range then we should expect the following years also to fall in place if nothing like external influence after the crypto market.

So that is what I think is going to happen this year in the crypto market according to this article I have read and studied.