Bitcoin’s Fourth Halving Approaching: Less Than 100 Blocks Remaining – What Comes Next

Understanding the Bitcoin Halving Event

The upcoming Bitcoin halving event is set to reduce the block subsidy reward for miners from 6.25 BTC to 3.125 BTC per block. This reduction is expected to have significant implications on the cryptocurrency market and mining operations.

Bitcoin Halving Overview

Bitcoin halvings occur automatically every 210,000 blocks, roughly every four years. The reduction in block rewards aims to control the supply of Bitcoin in circulation.

A Look Back at Previous Halving Events

Historically, Bitcoin halving events have led to major price rallies. The previous halving events in 2012, 2016, and 2020 saw a gradual decrease in block rewards for miners, influencing the market dynamics.

Post-2024 Halving Predictions

Experts predict a bullish trajectory for Bitcoin post the 2024 halving event. Bernstein forecasts a potential price surge to $150,000 by the end of 2025, driven by institutional interest and growing retail investor experience.

Coinify CEO Rikke Staer, however, warns about potential sell-offs post-halving due to less efficient miners needing to liquidate their BTC holdings, creating selling pressure in the market.

Current Market Status

As of the latest update, Bitcoin’s price stands at around $64,500, showing a 1.33% increase in the past 24 hours. Despite a temporary dip below $60,000 earlier today, the price has rebounded following external geopolitical events.

It remains to be seen how the halving event will impact mining operations and the overall cryptocurrency market in the coming days.