Bitcoin BTC is on the brink of its fourth halving event, scheduled to occur when Bitcoin’s block height hits 840,000 on April 20.
Across the globe, crypto exchanges, influencers, and podcasters are gearing up for live streams and physical gatherings to commemorate this significant milestone.
Many in the Bitcoin community anticipate that this event could trigger the next bull run in the crypto market. The halving signifies a reduction in Bitcoin miners' block rewards from 6.25 BTC to 3.125 BTC per block, a mechanism aimed at steadily decreasing Bitcoin's inflation rate until it reaches its maximum supply of 21 billion Bitcoin.
Livestreams of Bitcoin halving
For an event offering a retrospective of the past four-year cycle alongside fellow Bitcoin enthusiasts, join BITC0IN's Discord and YouTube channel, boasting 68,700 subscribers. The team plans to facilitate discussions with various members of the Bitcoin community, allowing anyone to participate. Additionally, simultaneous poker games will add to the festivities, as highlighted in a recent statement by several Bitcoin volunteers on Reddit.
Crypto traders are also hosting exclusive online gatherings. Those interested can reach out via direct messages for an invitation. Notably, professional trader Oliver Velez is hosting a private online Bitcoin halving event with 2,000 guests, starting just six blocks before the 840,000 block milestone, roughly an hour ahead of the halving.
If you're unable to secure entry to those events, consider tuning into Kraken's Bitcoin Halving livestream, where numerous prominent Bitcoin figures will be participating, such as Dave Portnoy, Jack Mallers, Dylan LeClair, Anthony Pompliano, and Pete Rizzo.
Additionally, Philippines-based Bitcoin payments app Pouch is organizing an online halving party, urging Bitcoin enthusiasts to invite their friends to join in and embrace the "orange pill" philosophy.
If you're eager to witness the 840,000th block being mined and don't mind refreshing the page frequently, you can visit blockchain explorer websites like BTCScan or Blockstream. These platforms allow you to track the progress of Bitcoin's blockchain in real-time, providing insight into each block as it gets mined.
After the Bitcoin halving, what will happen?
According to analysts, the Bitcoin halving event may not immediately impact Bitcoin's price. Karl Mohan, Crypto.com's Asia and Pacific general manager, suggested that investors should take a broader perspective, as the event's effects may unfold gradually over the next six months. He emphasized that although the impact might not be immediate, historical patterns suggest that the halving sets bullish foundations for Bitcoin.
Other analysts advise investors not to be overly concerned about short-term price fluctuations but rather focus on the long-term outlook. Natalie Brunell, host of Coin Stories, recommends zooming out when considering Bitcoin's price and investing with a long-term perspective. She acknowledges that speculation around the halving can lead to increased volatility before and after the event.
According to CoinMarketCap data, after the most recent halving in May 2020, the price of Bitcoin fell by 5% in the following month before rising by 180% by the end of the year.
Following the Bitcoin halving, many Bitcoin holders are anticipated by cryptocurrency leaders to sell a portion of their holdings.
Ben Simpson, the CEO of Collective Shift, predicts "another sell-off" following the halving of Bitcoin, similar to "when the Bitcoin ETF was announced" in January of this year.
The price of Bitcoin fell by around 15% in just 11 days after spot Bitcoin ETFs were approved.
According to Simpson, "it was a buy the rumor, sell the news event," and he predicted that "the same thing to happen here."
Gracy Chen, managing director of Bitget, clarified that because of the considerable changes in the market during the last cycle, the Bitcoin halving is different from past halvings in "several key ways."
"Technological developments and changing regulatory environments further set this cycle apart. Furthermore, positive developments in the world economy and the introduction of Bitcoin ETFs recently have improved market mood," according to Chen.
Chen believes that Bitcoin might hit six figures in value as early as next year.
"In the future, after 2024, Bitcoin is expected to reach over $100,000, driven by improved legal frameworks, technological advancements, and positive macroeconomic circumstances,” the speaker predicted.
April 2024, Cryptoniteuae