Bitcoin's price has seen decline of nearly 12% from its halving price of $63,900
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Bitcoin's halving events, which occur roughly every four years, reduce the reward for mining new blocks by half. The last Bitcoin halving happened on April 20, 2024, at the block height of 840,000. Bitcoin's block reward was reduced from 6.25 BTC to 3.125 BTC.🟢Historically, the average time between Bitcoin's halving event and the next peak is around 480 days, which would place it in the summer of 2025.
The current market behavior suggests a period of accumulation, where investors and institutions may be positioning themselves ahead of the anticipated price surge.At the time of writing, Bitcoin had dropped 0.26% in the previous 24 hours to $54,398. September has historically been a challenging month for U.S. stocks andBitcoin's price has fallen 8% this month, exceeding the decade-long average decrease of 5%.
However, Bitcoin's dip in September has frequently been followed by increases. Bitcoin has often recorded increases in October, a month regarded to as"Uptober." Since 2013, Bitcoin has had an average decline of 5% in September, followed by a 22% gain in October and a 46% increase in November in the 2021 crypto market bull run.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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