Bitcoin, the most popular of all cryptocurrencies by a huge margin, just recently went through its fourth halving on April 19, 2024. This roughly four-yearly event is known as a ‘Halving’, and it cuts the reward miners receive for creating new blocks in half. Some Bitcoin enthusiasts even looked forward to the halving as the catalyst for the next big boom. As the months that followed have shown, that was only half of the story. Inflation may be calming down, but bitcoin is just as volatile as ever, reaching all-time highs just a few months ago. Unfortunately, the halving event didn’t have the desired effect of quickly increasing its valuation.

Bitcoin's Price Fluctuations Post-Halving

Despite the challenges, the immediate future following the halving was optimistic with Bitcoin’s price rising to $64,994 as of April 20, 2024. One month later, on May 20, 2024, the price had increased to $71,448, resulting in a return of 10%. This initial optimism was short-lived.

By the time the first ETF was approved—June 20, 2024—Bitcoin was down to $64,829. This decrease erased all the progress made the month prior and landed us at 0% change since the halving event took place. There was a small rebound, getting back to $67,164 on July 20, 2024 – up just 3% since the start of the forecast period.

Volatility Persists Through the Year

That volatility carried through the late summer and early fall. As of this writing on August 20, 2024, Bitcoin’s price was $59,013. This was a 9% drop from its price at the time of the halving. The market price of bitcoin had a small recovery on September 20, 2024, reaching $63,193, but was down 3% from the halving event.

It’s hardly surprising that October 20, 2024, witnessed even more bullish progression, with Bitcoin climbing to $69,002—a 6% rise from the previous halving event. The cryptocurrency went on to reach an all-time high just a few months later.

End-of-Year Surge

November and December witnessed substantial growth. November 20, 2024, Bitcoin hit $94,339, a 45% rise from the halving price. The year ended with a bang as Bitcoin hit an all-time high of $97,756 on December 20, 2024. This incredible wave created a stunning 50% rise since the previous halving event.