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May 3, 2024

Bitcoin Post-Halving Price Consolidation Isn’t Over Yet: Bitfinex

That's correct! After a Bitcoin halving, where the reward for mining new blocks is halved, meaning that miners receive 50% fewer bitcoins for verifying transactions, the market often experiences a period of consolidation. This usually remains the case until the market adjusts to the higher mining costs and limited Bitcoin supply caused by the halving. Since the latest Bitcoin halving event took place in May 2020, the market's been under a period of consolidation phase for some time, with the price hovering within a certain range. Bitfinex analysts expect the consolidation to continue for a while longer before the market makes its next major move. It should be noted that the Bitcoin's price isn't only influenced by halving events, but also macro-economic factors, institutional interest, regulatory news, and overall demand for the cryptocurrency.