Bittime -Bitcoin Halving isan event scheduled to occur in mid-April 2024 and will drastically reduce Bitcoin mining rewards, from 6.25 BTC to 3,125 BTC. These reductions have a long history of influencing Bitcoin asset values and investment strategies.
The upcoming halving marks the fourth such event in Bitcoin history. This is an integral part of Bitcoin's design to limit inflation by reducing the supply of new coins in circulation. Just like the previous halving, this event was anticipated with full speculation and in-depth analysis.
Historical Traces of Bitcoin Halving
Coinbase Institutional, a leading research institute in the institutional crypto space, recently published its “Halving Handbook”. The report draws striking parallels between the upcoming Bitcoin Halving and the market cycle from 2018-2022.
The report offers insight into the potential impact of the Bitcoin Halving on the overall crypto economy. Coinbase Institutional analyzes the varying impacts of past halving events. The first halving in 2012, for example, caused a significant price spike of 923% in the following six months.
However, subsequent halving events showed a more moderate positive impact on Bitcoin prices, underscoring the unique circumstances surrounding each event. Despite this historical uptrend, Coinbase Institutional still advises caution. The report emphasizes the speculative nature of extrapolating past performance to predict future results.
"Investors should be wary of taking this view at face value," Coinbase researchers detailed. The report added:
"While it is possible that the halving could have a positive impact on Bitcoin's performance, there is little historical evidence of this relationship, making it somewhat speculative."
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Bitcoin Halving Depends on Macroeconomic Factors and Onchain Dynamics?
Coinbase Institutional is not only fixated on the halving event. The report also highlights broader macroeconomic factors that influence Bitcoin prices, such as monetary policy and fiscal stimulus measures.
In particular, the report highlights anticipation surrounding Bitcoin Exchange-Traded Funds (ETFs) and the potential for Federal Reserve policy easing as significant drivers in the recent price increase. This shows that Bitcoin Halving is just one of many factors that can influence BTC market dynamics.
The report also includes onchain analysis, which offers another perspective on the potential impact of the halving. Long-Term Holder (LTH) behavior and supply dynamics provide insight into market sentiment and fundamental shifts that may arise from a halving event.
The high supply held by LTH, coupled with the downward trend post the introduction of ETFs, paints a complex picture of the influence of supply and demand on the future price of Bitcoin.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On March 22, 2024, the price of Bitcoin BTC/USDT was at $65,720 per coin, down 2.54% in 24 hours.
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Towards April 2024, Bitcoin Halving Just Wishful thinking?
With the countdown to April 2024, global crypto market players are preparing for the Bitcoin Halving. These events have the potential to shake the market, but it is important to note that their impact cannot be predicted with certainty.
The Coinbase Institutional report offers a solid foundation for understanding the factors that may influence Bitcoin prices post-halving. Investors are advised to conduct in-depth research and not rely solely on historical trends.
Additionally, it is important to consider macroeconomic factors and onchain behavior to gain a more holistic picture of Bitcoin's future prospects.
Amid the current global economic uncertainty, Bitcoin Halving 2024 could be a watershed moment that marks a significant shift in the crypto landscape. With vigilance and careful analysis, these events can be opportunities for savvy investors to maximize their profits.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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