Bitcoin Halving Next Major Catalyst After Spot Bitcoin ETF Approvals, But History Shows BTC Could Dip To $34,000 By April
By Benzinga
The anticipated Bitcoin (CRYPTO: BTC) halving event, set for April 2024, is generating a mix of optimistic and pessimistic predictions regarding its impact on apex crypto's prices.
What Happened: The Bitcoin halving happens every four years, wherein the Bitcoin miners’ rewards are cut in half. This mechanism is designed to control supply and combat inflation. In April 2024, the upcoming halving will decrease the block reward from the current 6.25 to 3.125.
Widely followed X user, Pentoshi euroPeng, said that historically, the year following a Bitcoin halving event typically experiences a "blow off top," suggesting that this peak might occur in 2025. He said that, given this historical pattern, it is challenging to maintain a bearish outlook either now or in the long term.
While the halving is coming up historically the year after is the alt blow off top which would be 2025.
The halving hasn’t even happened yet, where $btc mined will cut in 1/2 needing half the inflows daily to support it and peoples access to buy will be at ath
Hard to be…
— Pentoshi 🐧 euroPeng � (@Pentosh1) January 18, 2024
In another post he added that crypto will reach a $20 trillion market cap one day. He said that this growth will occur despite opposition from certain groups, stating, “Boomers will embrace it, and dare I say even the left and Europeans who are allergic to money will embrace it too.”
Why It Matters: After the hih speculation of Bitcoin prices moving upward on the Spot Bitcoin ETF approvals, the crypto community is now looking ahead to the halving event’s anticipated impact on prices. In practical terms, when the supply decreases while demand remains the same or increases, price movements typically trend upwards.
Long-term crypto and stock investor, Jelle said, “My timeline seems to get more bearish the longer this consolidation lasts. Consolidation is healthy, especially after moving up 60% in 2 months.”
My timeline seems to get more bearish the longer this consolidation lasts.
Consolidation is healthy, especially after moving up 60% in 2 months.
Halving approaching fast. Stay focussed — this bull market is not over.#Bitcoin pic.twitter.com/aijKv1lICn
— Jelle (@CryptoJelleNL) January 18, 2024
Crypto Nova stated on X that this is the "calm before the storm." She added that factors including the imminent halving event, unprecedented ease of access to Bitcoin for institutions, the beginning of a bull cycle, and an all-time high in mainstream recognition, all suggest that investors should avoid getting "flushed out now."
Investor, Trader and Technical Analyst, Titan of Crypto tweeted that historically, at the time of each halving, Bitcoin's price has shown a pattern of decreasing successively by 56%, 54%, and 52% from its previous all-time highs; if this trend continues, Bitcoin could be trading around $34,000 by the next halving.
$34,000 a #Bitcoin by the Halving ? 🤔
In past cycles #BTC price was successively at -56%, -54% and -52% decrease from previous ATHs when the halving occurred.
If this pattern were to repeat Bitcoin could be gravitating around $34k by next halving which coincide with -50%… pic.twitter.com/YWkaV0trgC
— Titan of Crypto (@Washigorira) January 18, 2024
Photo: Shutterstock
