Bitcoin Community Gears Up for Fourth-ever Halving Event: Visioning a Six-Figure BTC Future
Summary:
The fourth Bitcoin (BTC) halving event is imminent on April 20th, anticipated as a trigger to the next crypto bull run. Several online and physical parties are planned worldwide to commemorate this occasion. Virtual guests at these events will include prominent Bitcoiners and the general trading community. This halving will cut Bitcoin miners' block issuance rewards from 6.25 BTC to 3.125 BTC per block, helping control Bitcoin's inflation rate. Despite current Bitcoin price fluctuations, crypto leaders predict a surge beyond $100,000 post 2024, citing enhanced regulatory frameworks, technological advancements, and favorable macroeconomic conditions as contributing factors.
The fourth Bitcoin (BTC) halving is on the horizon, scheduled for April 20th, when the Bitcoin block height hits 840,000. Celebration of this pivotal event, expected to ignite the next crypto bull run, can be seen across the crypto community, from exchanges to influencers and podcasters. The halving is a significant moment as it will slash Bitcoin miners' block issuance rewards from 6.25 BTC to 3.125 BTC per block. This mechanism aims to continually decrease Bitcoin's inflation until a maximum supply of 21 billion Bitcoin is reached.
BITC0IN's Discord and YouTube channel, boasting 68,700 subscribers, will be hosting a reflective event on the past four-year cycle. They will be passing the virtual microphone around to various Bitcoiners, inviting anyone to speak at the event. With online games of poker running alongside, this event promises to be engaging, as stated by a group of “Bitcoin volunteers” on Reddit.
There will also be private online parties hosted by crypto traders, like the one professional trader Oliver Velez is hosting with 2,000 guests, scheduled to start just an hour before the halving occurs. Crypto exchange Kraken also has its Bitcoin Halving livestream lined up with popular Bitcoiners such as Dave Portnoy, Jack Mallers, Dylan LeClair, Anthony Pompliano, and Pete Rizzo.
The Philippine Bitcoin payment app Pouch is encouraging Bitcoiners to host their own online halving party, and Cointelegraph offers a simple countdown on its homepage. There are also a few physical parties planned globally, including Switzerland and Brisbane, Australia.
Analysts anticipate that the halving event may not have an instant impact on Bitcoin's value. General manager of Crypto.com’s Asia and Pacific division, Karl Mohan, stresses a wider approach, suggesting investors should hold a more extended viewpoint for the potential impact of halving. He advises not focusing on short-term volatility but rather looking at the bigger picture.
Currently, Bitcoin’s price is fluctuating between $71,069 and $59,698. Following the previous halving in May 2020, Bitcoin's price dipped by 5% a month later, but by the end of the year, it had seen a substantial surge of 180%, as per CoinMarketCap data.
Some crypto leaders speculate that post halving, many Bitcoin holders may sell off a portion of their holdings. CEO of Collective Shift, Ben Simpson, is expecting “another sell-off” similar to what happened when the Bitcoin ETF was announced in January this year. He expects a recap of the "buy the rumor, sell the news" phenomenon.
Gracy Chen, managing director at Bitget, believes the upcoming Bitcoin halving differs from previous halving events owing to the market's evolution. Improved regulatory environments and technological advancements have brought noticeable changes to the cycle.
Many predict Bitcoin surging beyond the $100,000 mark post 2024, with factors like robust regulatory frameworks, technological innovations, and favorable macroeconomic conditions propelling it towards this value.
Published At
4/20/2024 1:54:22 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.