Bitcoin is a major cryptocurrency on the crypto market, with a market cap of $324.42 billion. It had a successful run back in 2020 until mid-2021 when it crashed and entered its bear market phase. What every investor probably wants to know is when we would expect Bitcoin to recover and for its value to start growing again. In this article, we will take a detailed look at BTC and what you can do in the future.

Bitcoin’s Value

Bitcoin’s price has fluctuated a lot up until the latest halving. Now, we can say it followed an upward streak after the halving in May 2020. Then, the price skyrocketed by over 100% and followed a consistent growth of Bitcoin’s value which meant that by the end of 2020, Bitcoin’s price was over $20,000.

Plus, many other businesses realized the money-making potential of BTC, and they started to support BTC payments. Some of the popular online brands are Bloomberg, PayPal, Square, Twitch, and many others. The entertainment sector has followed this trend as well, and as a result, crypto casinos emerged on the market where you would be able to wager with your crypto funds.

Consequently, the price of Bitcoin was able to reach new heights of over $60,000 in October 2021. But, since then, the price has gone south. It reached a value of $47,000 in December 2021, and by 2022 it dropped to $42,000. For the rest of 2022, the price generally followed a downward spiral and settled around $16,000 by January 2023.

Bitcoin’s Halving

If you’re familiar with this Bitcoin’s price history, then you’ll notice that it certainly follows a bear cycle after a bull cycle. The bull cycle predominantly takes place after a halving event. Each halving is expected to happen roughly every four years or after 210 blocks are added to the blockchain network.

Then, it cuts in half the value of the BTC reward that the miners receive on the blockchain network. So, it’s predicted that it will happen around May 2024, which would be next year. By then, we expect the price of Bitcoin to recover or at least to settle on more middle ground.

After the halving, the BTC supply will be diminished even further, and we expect Bitcoin to enter a new bull cycle. It’s difficult to say whether Bitcoin will reach its former high price, but we expect Bitcoin’s value to go up in the future.

Summary

Bitcoin is still a valuable asset and one of the biggest cryptocurrencies on the market. So right now, a lot of crypto owners are advised to hold onto their BTC. That said, many decide to sell some of their crypto funds, or invest through companies like Immediate Dynamix, but again it’s up to your financial goals and your own portfolio to decide whether you want to sell or hold onto your BTC. Our advice is to do what’s right for your financial budget but also keep in mind that the next halving will probably shift the crypto market and Bitcoin’s value.