- Bitcoin has set a new high in 2023 after breaching the $31,450 mark
- The bitcoin price is rallying as the market moves closer to the 2024 bitcoin halving cycle
Bitcoin price rallied to the highest point on July 6, 2023, as the market approaches the eagerly awaited Bitcoin halving period in 2024. It has been noticed that as Bitcoin gains more security from the halving periods, more market buy pressure is seen, which increases the price.
All eyes on the Bitcoin price as buy momentum builds
Bitcoin halving increases the network’s security by raising the hashing rate, which cuts mining rewards by half. It’s a cycle that happens every four years in the Bitcoin community and is always seen as bullish.
Bitcoin price has been rising in tandem with the occurrence of halving sessions. A mild bull run begins every year before a halving occurs, with it becoming stronger post the halving session. On July 6, 2023, Bitcoin price rose to a record high for the year as the days left to the next halving dropped below 300 to 296.
This momentum is expected to sustain or increase slightly over the remaining months of the year as long as other factors like regulation and macro-finance stay stable. However, there are no promises on whether the market will repeat history or create a divergent course. Therefore it’s advisable to keep researching and learning more about the market to make more informed and riskless decisions.