The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […]The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

Post-halving 2024 market is pushing Bitcoins price, not just Trump, says Onramp Bitcoin co-founder

  • The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin
  • Jesse Myers said Bitcoins price needs to go higher for a supply-demand price balance to happen
  • When that occurs, the market will flywheel into mania and a bubble, which happened in the 2012, 2016, and 2020 Bitcoin halving events

Donald Trumps re-election into the White House isnt the main story for Bitcoins recent price rally, says Onramp Bitcoins co-founder.

In a post on X, Jesse Myers said the main reason is that the market is at the 6+ months post-halving mark.

Taking place every four years, the last Bitcoin halving occurred in April when the block reward dropped from 6.25 Bitcoin to 3.125. As a result, each new block becomes harder to solve with a lower reward.

A reduction in Bitcoin supply typically means an increase in the price of Bitcoin. The next Bitcoin halving is expected to occur sometime in 2028.

According to Myers, a supply shock has accumulated, meaning theres not enough supply available at current prices to satisfy demand, adding that a supply-demand price equilibrium must be restored.

However, the only way Myers believes this will happen is for the price to go higher, which will flywheel into mania and a bubble, but thats how this thing works.

Post-halving bubbles

Supplying a chart, Myers indicated that the market is currently at the start of the post-halving bubble. Based on his data, Bitcoins price will continue its upward trajectory before peaking to new highs and dropping to current levels.

Jesse Myers Bitcoin post-halving chart. Source: Jesse Myers

It sounds crazy to say there will be a reliable, predictable bubble every 4 years, said Myers. But then, theres never been an asset in the world where new supply creation is halved every 4 years.

Post-halving bubbles happened in the 2012, 2016, and 2020 Bitcoin halvings, said Myers.

The recent Bitcoin price rally comes amid Trumps re-election into the White House. Based on his campaign trail in the lead-up to election day, Trump came across as pro-crypto compared to current Vice President Kamala Harris.

Last week, Senator Cynthia Lummis also reaffirmed plans that the US is going to build a strategic Bitcoin reserve. If passed, the senators Bitcoin Act would propose directing the US Treasury to buy one million over the next five years.

The post Post-halving 2024 market is pushing Bitcoins price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.