After the fourth halving in its history, Bitcoin is trading slightly above $64,000.
With the mining of block number 840,000 in the Bitcoin blockchain, the fourth halving successfully took place and the block reward given to miners decreased from 6.25 BTC to 3.125 BTC. Thus, the daily production of Bitcoin decreased from 900 to 450.
In past years, halving has been a positive factor for the Bitcoin price. A rally began after the previous halving in May 2020, which took Bitcoin from $9,500 to $65,000.
Banking giant JPMorgan had previously stated that Bitcoin is currently in an “overbought” zone, suggesting a potential decrease after halving. Goldman Sachs analysts also noted that appropriate macro conditions need to be met for Bitcoin to rise after halving.
