Fourth Bitcoin Halving Completed – Here Are The Implications
20 Abril 2024 - 1:00PM
NEWSBTC
The long-awaited fourth Bitcoin halving finally occurred after BTC
posted its 840,000th block. This event is significant as it is
expected to have several implications for the Bitcoin ecosystem and
the crypto market going forward. What To Expect Following The
Bitcoin Halving The Bitcoin halving slashed miners’ rewards from
6.25 BTC to 3.125 BTC for each block mined. This means that Bitcoin
miners are set to earn a reduced income of 450 BTC instead of the
900 BTC they earned before the fourth halving. This development is
expected to have a dire effect on their operations, as NewsBTC
reported that they could lose a whopping $10 billion following the
halving. Related Reading: Shiba Inu Burn Rate Sees 81%
Daily Increase, But Why Is Participation Low? While the effects of
the halving are not so pleasant for BTC miners, the halving is
deemed necessary for the growth of the Bitcoin ecosystem. It makes
Bitcoin (BTC) deflationary by reducing the rate at which more
tokens come into circulation. This could make the flagship crypto
more scarce and ultimately drive up its value, as it has done in
the past three halvings. In anticipation of history repeating
itself, crypto analysts and experts have made several predictions
about how high Bitcoin could rise this time post-halving. So far,
the most bullish price prediction remains by Samson Mow, the CEO of
Jan3 and Bitcoiner, who predicts that the flagship crypto could
rise to $1 million this year. He added that this
unprecedented price surge was possible considering that BTC’s
demand is expected to continue outpacing the supply, with more
institutional investors recently getting on board through the Spot
Bitcoin ETFs. The imbalance between Bitcoin’s supply and demand is
also why crypto analyst MacronautBTC believes Bitcoin could rise to
$237,000. Billionaire Tim Draper also agrees that Bitcoin
could attain such heights based on his prediction that the flagship
crypto will hit $250,000 in 2025. Implications On The Broader
Crypto Market Crypto analyst Michaël van de Poppe recently
predicted a narrative shift post-halving. He expects Bitcoin to
take months to consolidate while altcoins significantly move to the
upside during this period. This is plausible, considering Bitcoin
doesn’t experience that parabolic price surge until about six
months after the halving. Related Reading: Ripple CEO Walks
Back $5 Trillion Crypto Marker Prediction, Unveils New Target
During this period, altcoins like XRP and Cardano (ADA), which have
underperformed up until now, will be closely monitored as investors
wait to see if they will show any sign of bullish momentum in them.
Ethereum (ETH) will also be the focus of many in the crypto
community as they watch how the second-largest crypto token by
market cap will perform while Bitcoin (BTC) consolidates.
Interestingly, Van de Poppe expects the narrative to shift to
Ethereum and projects in the Decentralized Physical Infrastructure
Networks (DePIN) and Real World Assets (RWA) sector. Therefore,
such projects are also worth keeping an eye on. BTC bulls
hold price above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
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