Bitcoin’s recent performance has been characterized by significant volatility, with the cryptocurrency testing support levels at $56,500. This test of support has spurred discussions about Bitcoin’s potential to reach the $70,000 price target. A crucial event that impacted Bitcoin market dynamics was the recent Bitcoin halving, which occurred on May 20th. This marked the third halving cycle for Bitcoin and resulted in miners’ rewards being reduced from 6.25 BTC to 3.125 BTC. This adjustment has immediate implications for the supply and demand dynamics within the Bitcoin market, as it impacts the speed at which new Bitcoins are brought into circulation.