Bitcoin Halving 2024: Impact on Prices May Differ From Past Trends, Says Analysts
Summary:
Experts suggest the influence of Bitcoin halving on cryptocurrency prices is likely overstated. The next scheduled halving, in April 2024, may not follow previous trends. The value of Bitcoin is influenced more by changes in buyer demand rather than the reducing supply caused by the halving. The next halving isn't expected to significantly impact Bitcoin's value unless it prompts considerable demand. These insights and more developments in the crypto market can be found in the latest report on the Cointelegraph's YouTube channel.
Renowned experts believe that the role of Bitcoin halving on cryptocurrency values is often overstated, and the next halving event, scheduled for April 2024, may not follow the pattern of the past. The halving process - a routine that happens every four years, where the rate of creation of new Bitcoin gets halved, is usually seen as a powerful factor propelling Bitcoin's most remarkable value surges. However, the halving event itself doesn't assure Bitcoin value growth. Even if the production of new Bitcoin slows down, if the demand doesn't rise notably, a sharp increase in prices isn't expected. Furthermore, as the halving event is completely predictable, market individuals can foresee their timelines which could mean that Bitcoin's present price may already encompass the effect of the halving prior to its occurrence. Bloomberg's analysis guru, Mike McGlone, shared thoughts on the wide-spread speculation about the event by stating that overhyped events often fail to live up to expectations, calling the situation a 'complete consensus'. Another point to note is that every time a halving happens, it's less influential on the creation of new Bitcoin. Eventually, this effect will become insignificant. Instead, changes in buyer demand, rather than the decrease in supply, is becoming a crucial determinant of Bitcoin prices. Given this, what impact will the forthcoming Bitcoin halfing have on the crypto trading world? If not the halving, what then prompts Bitcoin's occasional value rises? To uncover the truth, watch our latest report on the Cointelegraph on YouTube. Remember to hit the subscribe button!
Published At
10/19/2023 4:30:00 PM
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