Coin Price Prediction as ‘Bitcoin Halving’ Works. A fresh bull market might be in the works thanks to the supply squeeze that Bitcoin introduced; the cryptocurrency is currently trading at $63,999, up 3.50% since the halving.
The event supports Bitcoin’s plan to limit the total supply to 21 million coins by reducing the mining reward from 6.25 to 3.125 bitcoins. With Bitcoin stabilizing at $64,000, the market reaction has been modest, despite the halving’s goal of increasing scarcity and perhaps boosting prices.
Bitcoin Halving: A Supply Squeeze Shakes Up the Market
At block height 840,000, the fourth Bitcoin halving happened late Friday, changing the dynamics of the cryptocurrency’s supply like never before. The mining reward drops from 6.25 to 3.125 bitcoins due to this event occurring every four years.
As part of a planned strategy, the influx of new coins into circulation will be cut in half, increasing the scarcity of Bitcoin, which is already at 21 million. The market’s reaction was muted, with Bitcoin’s price stabilizing at roughly $64,000, even though a supply squeeze might drive prices up. This subdued reaction might be because the price already reflects the halve, indicating a more advanced level of market awareness than previous halvings.
- The halving reduces the mining reward, thus tightening Bitcoin’s supply.
- Immediate market reaction has been calm, possibly due to pre-event pricing adjustments.
- Long-term effects remain uncertain, although historical trends suggest possible price increases.
We don’t know how this halving will affect prices in the long run, but past trends indicate that prices tend to rally sharply after such events. Since every halving occurs in response to specific market circumstances, it is unclear whether this pattern will recur.
Bitcoin Halving 2024: Miner Rewards Cut Sparks Surge in Mining Stocks
By reducing the block reward from 6 BTC to 3.125 BTC, the Bitcoin halving on April 20, 2024, drastically changed the compensation landscape for Bitcoin miners. This critical event profoundly affects the sustainability of mining operations and happens every four years.
The stock prices of prominent Bitcoin mining firms rose in the days leading up to the halving as investors speculated about which companies would be most suited to the new reward system. Notable firms, including Riot Platforms (RIOT) and Clean Spark (CLSK), also witnessed notable increases in their stock prices, with others seeing gains of over 10%.
Bitcoin Price Prediction
Bitcoin Price Prediction
The $67,329 immediate resistance level could limit possible gains in Bitcoin (BTC/USD). The resistance levels are $69,232 and $71,425.
On the other hand, Bitcoin has instant support at $63,045 and further lower levels of $61,387 and $59,686. That might serve as a safety net in the event of losses.
At 51 points, the Relative Strength Index (RSI) shows that market sentiment is neutral. Being below this mark might keep bearish pressures going. A downward trendline close to the pivot point of $65,214 indicates resistance. A bullish attitude towards Bitcoin can be displayed if momentum shifts in its favor and the price breaks above this level.
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