Bitcoin Price Surges to $29K | Just 1-Year Away From the Next Halving
We've just seen Bitcoin's price surge to an all-time high of $29,000. This renewed momentum comes right before the anniversary of the cryptocurrency's third halving event and is creating a positive atmosphere in the market.
The third Bitcoin halving is set to take place on May 11th, 2021. This event will reduce the block reward from 12.5 BTC to 6.25 BTC, cutting in half the amount of coins miners receive for discovering new blocks.
To celebrate this anniversary and upcoming event, many crypto traders have been increasing their exposure to Bitcoin and other digital assets as a way of taking advantage of any possible surge in prices that follows.
Experts believe that this could be a major turning point for Bitcoin, especially if its price continues climbing up despite the predicted miner selloffs.
Over the last few weeks, analysts have pointed out that there is increasing demand for BTC and that this could strengthen its position in 2021.
As investors continue making decisions based on this growing optimism surrounding Bitcoin, it is likely that we will see further growth in its price over the next few months.