Bitcoin is officially up 1523.11% from its last halving event in 2016, as pointed out by user @cryptowat_ch on Twitter. After the last halvening took place, the coin rallied to a new high of $750 the same year, and some analysts believe that this year's halving event, which is due to occur May 11, will hold a similar promise of a new all-time high.
Analysts are presently debating whether bitcoin’s halving event is “priced in” to the current market action or that we will see a parabolic rally as we did in 2017 when bitcoin reached its all-time high of $20,000.
In either case, halving events reduce the supply of the bitcoin in circulation while demand is assumed to be the same, which is theorized to be the one of the causes of the coin’s sharp ascent.
Bitcoin seems to be on track to deliver a new record as it gained 5.4 percent in the last 24 hours and 36.8 percent month to date. Over the last year, the coin has gained a huge 70.1 percent.
Over the last 24 hours, the coin made a new one-month high of $9,956 and is now looking to breach the $10,000 psychological mark. This level would also be a 38.2 percent retracement from bitcoin’s 52 week high, which means it could face additional resistance on the way up.
Bitcoin’s previous resistance at $9,000, which buyers originally struggled to conquer, has been tested several times which is a sign of strength for the cryptocurrency. The new support levels for the coin are at $9658 and $9453.
At the time of writing bitcoin is in overbought territory according to the RSI. This means it’s possible that the coin will face a pullback before trading horizontally for a while so that buyers can catch their breath before climbing higher.
Now, in approximately four to five days from time of bitcoin price news watch regarding the 2016 halving, which took place on July 9, 2016, the third BTC block reward halving is set to take place. This will be number three in what will be roughly thirty-three different halvings set to take place from Bitcoin's storied journey from 2009 to roughly 2140.
The next time this bitcoin halving will take place will not be until the year 2024. As it stands now, over 87% of all the coins have been mined in the past 11 years, which means only 12% of all bitcoin will be issued in the next 120 years. As the world begins to go through unlimited quantitative easing, bitcoin is effectively going through quantitative hardening, furthering its digital scarcity narrative that could be the catalyst to send bitcoin and its digital gold hopes skyrocketing as institutional demand picks up and retail investors start to allocate money into alternative asset classes such as cryptoassets.