In about three days, the Bitcoin network will undergo a technical process called halving, which cuts in half the number of new Bitcoins generated with each block mined, thereby decreasing the total circulation supply by roughly 50%.
According to Oklink’s latest update, we are now three days and fifteen hours away from the next Bitcoin halving event, which is predicted to take place on April 20th, leaving approximately 526 blocks to be mined before then. The Bitcoin network automatically reduces rewards for miners in half during a halving process, as outlined in its code. This upcoming event will decrease current mining rewards from 6.25 Bitcoins to 3.125 Bitcoins per block.
As the countdown continues for Bitcoin’s upcoming halving with just a few days left, its price has taken a sharp downturn, falling by as much as 16.65% based on CryptoQuant’s latest assessment. This price decrease has instilled considerable fear and apprehension among investors and traders in the cryptocurrency market.
Before every Bitcoin halving event, there is usually a decline in price that occurs. This trend has been observed frequently leading up to each halving cycle. – From Onchain Tarek’s perspective. (Paraphrased)
— CryptoQuant.com (@cryptoquant_com) April 16, 2024
During periods of selling pressure, CryptoQuant notices a common occurrence leading up to every halving event: a significant drop in price, a trend that has been observed multiple times in the past.
During the second Bitcoin halving, the price dropped by nearly half, amounting to a 40.36% decrease, touching $465. Subsequently, it soared to an astonishing $19,600. Likewise, prior to the third Bitcoin halving, the price saw a decline of approximately 20.35%, dropping as low as $8,078, only to rebound and reach a peak of $69,000.
During the present market trend, the price decrease amounts to 16.65%. According to CryptoQuant’s analysis, this is a normal and recurring event within each cycle, although the exact percentage can vary.
Expectations for Bitcoin halving event
Based on Bloomberg’s report, the CEO of Crypto.com, Kris Marszalek, suggests that the Bitcoin halving could lead to some selling due to the “buy-the-rumor, sell-the-news” phenomenon. However, in the long term, this event is expected to increase the value of Bitcoin.
Historically, the Bitcoin halving has led to price increases. However, some question if this trend will continue since Bitcoin reached new record highs in mid-March for the first time before the halving occurred.
Currently, Bitcoin (BTC) had dropped by 5.68% within the past 24 hours and was priced at $62,555 due to ongoing volatility in the cryptocurrency market.
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2024-04-16 15:25