4 Key Factors to Consider as Bitcoin Halving Nears
The upcoming fourth Bitcoin halving is slated to happen around block height 840,000, although the exact date is shrouded in uncertainty due to the unpredictable nature of mining blocks.
This event entails a reduction in the rewards granted to Bitcoin miners, slicing them in half. Projections from Glassnode suggest a potential occurrence on April 23, 2024, although this is subject to change.
OKLINK, on the other hand, points to April 22, 2024, with a countdown indicating roughly 80 days left and 11,603 blocks remaining until the event. The forthcoming adjustment will lead to a decrease in Bitcoin mining rewards from 6.25 BTC to 3.125 BTC.
In the past, notable bullish trends have followed Bitcoin halving events, as observed in 2012, 2016, and 2020. Consequently, expectations are on the rise for the approaching Bitcoin halving. Crypto analyst Ali underscores four key aspects to consider as the event approaches, offering potential scenarios that could elicit either positive or negative responses in the Bitcoin market.
As we approach the #BitcoinHalving in April 2024, here are four key points to consider:
1⃣Post-halving corrections: After the 2016 and 2020 halvings, #BTC experienced corrections of 30% and 7% within a month.
2⃣Significant post-halving rallies: Following the 2012, 2016, and 2020… pic.twitter.com/aaJpJcZtAm— Ali (@ali_charts) January 31, 2024
Firstly, there’s the prospect of corrections post-halving. Ali notes that following the 2016 and 2020 halvings, Bitcoin underwent corrections of 30% and 7%, respectively, within a month, signaling a potential negative impact.
READ MORE: Kiyosaki Takes on Powell, Praises Bitcoin as the Ultimate Guardian of Wealth
The second scenario revolves around substantial post-halving rallies. Ali highlights significant surges of 11,000%, 2,850%, and 700% following the 2012, 2016, and 2020 halvings, respectively, indicating a potential positive reaction, possibly sparking a bull run.
Thirdly, Ali emphasizes the pattern of bull market durations, noting that past bull markets lasted 365 days, 518 days, and 549 days after each halving. Lastly, considering historical trends, Ali suggests that the next Bitcoin market peak could be anticipated around April or October 2025, aligning with previous patterns if the upcoming bull market follows suit.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
