Submit-halving 2024 market is pushing Bitcoin’s value, not simply Trump, says Onramp Bitcoin co-founder

• The final Bitcoin halving befell in April when the block reward dropped from 6.25 Bitcoin to three.125 Bitcoin
• Jesse Myers stated Bitcoin’s value must go greater for a “supply-demand value” steadiness to occur
• When that happens, the market will “flywheel into mania and a bubble,” which occurred within the 2012, 2016, and 2020 Bitcoin halving occasions

Donald Trump’s re-election into the White Home isn’t “the primary story” for Bitcoin’s latest value rally, says Onramp Bitcoin’s co-founder.

In a publish on X, Jesse Myers stated the primary purpose is that the market is on the “6+ months post-halving” mark.

Going down each 4 years, the final Bitcoin halving occurred in April when the block reward dropped from 6.25 Bitcoin to three.125. Consequently, every new block turns into tougher to unravel with a decrease reward.

A discount in Bitcoin provide sometimes means a rise within the value of Bitcoin. The subsequent Bitcoin halving is predicted to happen someday in 2028.

Based on Myers, a “provide shock has gathered,” which means “there’s not sufficient provide obtainable at present costs to fulfill demand,” including {that a} “supply-demand value equilibrium should be restored.”

Nonetheless, the one approach Myers believes this can occur “is for the worth to go greater, which can flywheel into mania and a bubble, however that’s how this factor works.”

Submit-halving bubbles

Supplying a chart, Myers indicated that the market is at present at the beginning of the post-halving bubble. Based mostly on his information, Bitcoin’s value will proceed its upward trajectory earlier than peaking to new highs and dropping to present ranges.

“It sounds loopy to say there might be a dependable, predictable bubble each 4 years,” stated Myers. “However then, there’s by no means been an asset on the planet the place new provide creation is halved each 4 years.”

Submit-halving bubbles occurred within the 2012, 2016, and 2020 Bitcoin halvings, stated Myers.

The latest Bitcoin value rally comes amid Trump’s re-election into the White Home. Based mostly on his marketing campaign path within the lead-up to election day, Trump got here throughout as pro-crypto in comparison with present Vice President Kamala Harris.

Final week, Senator Cynthia Lummis additionally reaffirmed plans that the US goes to construct a strategic Bitcoin reserve. If handed, the senator’s Bitcoin Act would suggest directing the US Treasury to purchase a million over the following 5 years.