The anticipated Bitcoin (CRYPTO: BTC) halving event, set for April 2024, is generating a mix of optimistic and pessimistic predictions regarding its impact on apex crypto's prices.
What Happened: The Bitcoin halving happens every four years, wherein the Bitcoin miners’ rewards are cut in half. This mechanism is designed to control supply and combat inflation. In April 2024, the upcoming halving will decrease the block reward from the current 6.25 to 3.125.
Widely followed X user, Pentoshi euroPeng, said that historically, the year following a Bitcoin halving event typically experiences a "blow off top," suggesting that this peak might occur in 2025. He said that, given this historical pattern, it is challenging to maintain a bearish outlook either now or in the long term.
In another post he added that crypto will reach a $20 trillion market cap one day. He said that this growth will occur despite opposition from certain groups, stating, “Boomers will embrace it, and dare I say even the left and Europeans who are allergic to money will embrace it too.”
Why It Matters: After the hih speculation of Bitcoin prices moving upward on the Spot Bitcoin ETF approvals, the crypto community is now looking ahead to the halving event’s anticipated impact on prices. In practical terms, when the supply decreases while demand remains the same or increases, price movements typically trend upwards.
Long-term crypto and stock investor, Jelle said, “My timeline seems to get more bearish the longer this consolidation lasts. Consolidation is healthy, especially after moving up 60% in 2 months.”
Crypto Nova stated on X that this is the "calm before the storm." She added that factors including the imminent halving event, unprecedented ease of access to Bitcoin for institutions, the beginning of a bull cycle, and an all-time high in mainstream recognition, all suggest that investors should avoid getting "flushed out now."
Investor, Trader and Technical Analyst, Titan of Crypto tweeted that historically, at the time of each halving, Bitcoin's price has shown a pattern of decreasing successively by 56%, 54%, and 52% from its previous all-time highs; if this trend continues, Bitcoin could be trading around $34,000 by the next halving.
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