After reaching the milestone of 840,000 blocks, Bitcoin experienced its long-anticipated fourth halving. This important moment in Bitcoin’s history may bring about various consequences for the Bitcoin community and cryptocurrency market as a whole.
What To Expect Following The Bitcoin Halving
The reward for mining a Bitcoin block was decreased from 6.25 Bitcoins to 3.125 Bitcoins after the latest halving event. Consequently, miners now stand to make only 450 Bitcoins per block instead of the previous 900 Bitcoins. This reduction in income may significantly impact their mining activities, potentially leading to a substantial loss of $10 billion, as NewsBTC warned.
The impact of Bitcoin’s (BTC) halving on miners may not be desirable, but this event is considered essential for the expansion of the Bitcoin network. By decreasing the production rate of new tokens, halving makes Bitcoin a deflationary currency. This scarcity could increase demand and push up Bitcoin’s value, as observed during the previous three halvings.
Crypto analysts and experts, with the past in mind, have made various estimates on how high Bitcoin might climb following its halving event. The most optimistic price projection comes from Samson Mow, CEO of JAN3 and a dedicated Bitcoiner, who believes Bitcoin could reach $1 million in value this year.
This remarkable price increase for Bitcoin can be explained by its demand consistently surpassing the available supply, with an influx of institutional investors joining in via Spot Bitcoin ETFs. According to crypto expert MacronautBTC, this imbalance could potentially drive Bitcoin’s value up to $237,000.
According to billionaire Tim Draper’s belief, Bitcoin has the potential to reach a value of $250,000 by the year 2025.
Implications On The Broader Crypto Market
Michaël van de Poppe, a cryptocurrency analyst, has proposed a possible scenario following the Bitcoin halving. He believes it may take several months for Bitcoin to stabilize, while many altcoins could see noticeable gains during this time. This perspective is reasonable since Bitcoin typically doesn’t exhibit its dramatic price increase until around six months after the halving event.
In the current phase, investors will keep a keen eye on altcoins such as XRP and Cardano (ADA), which have lagged behind so far, to check for any emerging signs of growth. The behavior of Ethereum (ETH), the second largest cryptocurrency by market capitalization, will be particularly significant as Bitcoin (BTC) stabilizes.
Van de Poppe finds it noteworthy that the focus may soon move to Ethereum and initiatives in the Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) realm. Consequently, these projects are definitely worth monitoring.
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2024-04-20 22:38