Breaking News (20/04/2024 12:11 UTC): The fourth Bitcoin halving has occurred smoothly.
The fourth Bitcoin halving is imminent as Bitcoin (BTC) inches closer to the historic event scheduled for April 20, when Bitcoin’s block height hits 840,000.
Various live streams and physical gatherings are happening globally, where enthusiasts anticipate a surge in cryptocurrency prices following this significant event.
This marks the moment when Bitcoin miners’ rewards for block issuance is reduced by half, from 6.25 BTC to 3.125 BTC per block, in a bid to gradually decrease Bitcoin’s inflation rate until it reaches a maximum supply of 21 billion Bitcoin.
Live streams of the Bitcoin halving
For a retrospective on the previous four-year cycle with Bitcoin enthusiasts, check out BITC0IN’s Discord and YouTube channel boasting 68,700 subscribers.
The team will provide a platform for various Bitcoin speakers. Anyone can share their thoughts at the event, and there will be concurrent poker games, according to recent statements from “Bitcoin volunteers” on Reddit.
Several crypto traders are hosting exclusive online gatherings; if you’re bold enough, you can request an invite, including seasoned trader Oliver Velez, who is hosting a private online Bitcoin halving event with 2,000 guests just six blocks before the 840,000 block, approximately an hour before the halving takes place.
Source: Oliver Velez
If you miss out on that, Kraken exchange will host a Bitcoin Halving livestream featuring prominent figures like Dave Portnoy, Jack Mallers, Dylan LeClair, Anthony Pompliano, and Pete Rizzo.
Filipino Bitcoin payment app Pouch is also arranging an online halving celebration, urging enthusiasts to invite friends to become “orange-pilled.”
Cointelegraph has a countdown on its homepage for those who prefer a more straightforward approach.
If you wish to witness the 840,000th block being mined and don’t mind refreshing the page frequently, consider visiting blockchain explorer websites such as BTCScan or Blockstream.
Several physical halving celebrations are happening worldwide, including one in Switzerland hosted by the founder of Swiss crypto broker Bitcoin Suisse, and another in Brisbane, Australia sponsored by Binance.
What occurs post Bitcoin halving?
Analysts suggest that there will be minimal immediate impact following the event.
Karl Mohan, Crypto.com’s Asia and Pacific general manager, believes the event won’t cause an immediate effect on Bitcoin’s price on the same day. He recommends a long-term investment perspective until the year’s end:
“While immediate impact might be unlikely, we expect bullish foundations for Bitcoin in the next six months; similar patterns have been observed in past cycles, and we believe this cycle will follow suit.”
Other analysts advise not to be concerned with short-term Bitcoin (BTC) volatility and instead focus on the broader market trends.
“I always recommend taking a longer-term view with Bitcoin’s price and investments,” shared Coin Stories host Natalie Brunell in anticipation of the halving event.
“Increased speculation typically surrounds these periods, which could lead to volatile price swings before and after the halving,” she added.
Bitcoin’s trading range over the past 7 days has been $71,069 to $59,698. Source: CoinMarketCap
Following the last halving in May 2020, Bitcoin experienced a 5% drop one month later, but saw a 180% surge by the year’s end based on CoinMarketCap data.
Crypto leaders anticipate some Bitcoin holders will divest a portion of their holdings post halving.
CEO of Collective Shift, Ben Simpson foresees “another sell-off” similar to the one following the announcement of the Bitcoin ETF in January this year.
After the approval of spot Bitcoin ETFs, Bitcoin’s price dropped nearly 15% in just 11 days.
“It was essentially a buy the rumor, sell the news scenario,” clarified Simpson, predicting a similar pattern post halving.
Related: Crypto market ‘underestimates the long-term impact’ of Bitcoin halving: Bitwise
Mohan shares a similar view that historical data shows a “buy the rumor, sell the news” trend following the halving event.
“Short-term price sensitivity will likely endure a consolidation period, replicating patterns seen in previous cycles. This trend is clearly discernible,” Mohan informed Cointelegraph.
In dialogue with Cointelegraph, Gracy Chen, managing director at Bitget, highlighted the notable distinctions of the Bitcoin halving compared to previous events…
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