The upcoming Bitcoin halving: what you need to know.
Another Bitcoin Halving Approaching – What You Need to Know
Another Bitcoin halving is approaching inexorably, posing many questions and forecasts about the future of the world’s most popular cryptocurrency to the participants in the digital gold market. So, what should you know about this event that has been stirring strong emotions in the world of cryptocurrencies for years? Let’s take a closer look at this fascinating phenomenon.
What is Bitcoin Halving?
Halving is the process in which the reward for mining new blocks on the Bitcoin blockchain is halved. It is a pre-planned event that occurs every 4 years or after the mining of 210,000 blocks. The first halving took place in 2012, the second in 2016, and the most recent one in May 2020. Each of these events resulted in reducing the reward for miners from 50, to 25, to 12.5, and now to 6.25 BTC.
Next Halving – When Will It Occur?
The next Bitcoin halving is scheduled between April 17 and 20, 2024. At that time, the reward for mining a new block will decrease to 3.125 BTC. This event brings with it many speculations and predictions regarding the further development of the cryptocurrency’s price.
What Are the Effects of the Upcoming Halving?
One of the effects of the upcoming Bitcoin halving is an increased demand among sellers, which may lead to price pressure on the cryptocurrency. On-chain analysis has also shown a decrease in the number of holders owning over 1,000 BTC who have started selling their assets, which could further impact the price of Bitcoin.
Nevertheless, some analysts remain optimistic about Bitcoin’s future after the halving, pointing to inflows into ETFs and the history of price surges after reaching market peaks. Rekt Capital suggests that Bitcoin may reach the peak of a new growth cycle between December 2024 and February 2025.
Summary
Despite short-term difficulties and market volatility in the cryptocurrency space, many experts maintain optimism about Bitcoin’s long-term stability. For investors and cryptocurrency market observers, the upcoming halving represents a significant event that could influence its further development and value. We eagerly await to see in which direction events will unfold after another Bitcoin halving.
