100 Days Post-Bitcoin Halving: BTC and the Crypto Market Forge Ahead

100 days have passed since Bitcoin's fourth halving event, and both BTC and the broader crypto market have shown solid progress, setting the stage for a new growth phase.

100 Days Since Bitcoin’s Fourth Halving Event

Bitcoin Price History Post-Halving

At 07:10 AM on April 20, 2024 (Vietnam time), Bitcoin completed its fourth halving at block 840,000, mined by ViaBTC.

Since then, it has been exactly 100 days since the block reward was halved from 6.25 BTC to just 3.125 BTC.

As Coin68 explained, halving is Bitcoin's deflationary mechanism, designed to cut the reward for mining new blocks in half every 120,000 blocks, or approximately every four years. This mechanism ensures the gradual release of new Bitcoin, capping the total supply at 21 million BTC by 2140.

Since Bitcoin’s inception in 2009, it has undergone four halving events in 2012, 2016, 2020, and 2024, with the next one expected in 2028.

At the time of the halving, Bitcoin was trading around $63,500. As of today, BTC has risen approximately 10% to trade around $69,500.

1-hour Chart of BTC/USDT on Binance as of 03:00 PM on July 29, 2024

However, the impact of halving on price tends to be more pronounced in the long term rather than short term. Historical data suggests:

• First Halving: BTC price increased from $12 to a peak of $1,163 by November 28, 2013, one year after the halving.
• Second Halving: Price rose from $647 to $19,664 by December 17, 2017, achieving an ATH 527 days post-halving.
• Third Halving: Reached an ATH of $67,557 after 550 days.

Bitcoin Price Fluctuations Post-Halving

Typically, BTC’s price begins to surge strongly at least 400-500 days after a halving, or roughly 1.5 years. Thus, the current 100-day mark fosters optimism for a new price surge.

The Rise of Crypto ETFs

Despite the modest price increase in the initial 100 days, it reflects investor confidence in the leading cryptocurrency. The advent of Bitcoin spot ETFs on U.S. exchanges has enabled traditional investors to access the crypto market.

Following Bitcoin, the launch of Ethereum spot ETFs has not only impacted ETH’s price but also signifies the broader growth of the industry. The community now anticipates ETFs for other cryptocurrencies, especially Solana.

Crypto ETFs help channel traditional financial capital into crypto, offering investors an opportunity to engage with the market with less risk than holding assets directly. For instance, the state of Wisconsin, Jersey City, and Michigan’s pension funds have added Bitcoin spot ETFs to their portfolios.

Political Endorsements for Crypto

Moreover, the crypto space is gaining increasing attention due to the upcoming 2024 U.S. presidential election. As Coin68 reported, Donald Trump’s campaign has highlighted crypto as a key issue, contrasting with the Biden administration’s regulatory actions against the industry.

Trump’s participation in the Bitcoin 2024 Conference and his supportive statements about crypto have further bolstered market confidence and fueled public hype.

Not only Trump, but other politicians are also adopting crypto as a strategy to attract voters. Robert F. Kennedy Jr. has pledged to make Bitcoin a national reserve asset, while Senator Cynthia Lummis has proposed the U.S. buy 1 million BTC for reserves.