BTC Halving Soon! Experts Debate Bitcoin Price Impact

Bitcoin halving is happening soon, which reduces the block reward for miners.
Some worry the price might drop, but some believe it will go up in the long run due to factors like reduced supply and increased demand.
The price of Bitcoin might be volatile in the short term, but some analysts believe it's a minor pullback.

Billy Markus, the brains behind Dogecoin and a lover of memes, recently injected some humor into the talk about the Bitcoin halving. Going by his alter ego “Shibetoshi Nakamoto,” Markus jokingly wondered if the halving would mean a halving of prices, sparking a fun exchange in the crypto community.

What could all this really mean? Read on to find out.

Bitcoin Halving: What to Really Expect?

Markus’s lighthearted question tapped into the concerns of some Bitcoin fans who feared a price drop after the halving. However, as clarified by the official Kraken exchange account, the halving doesn’t work that way.

Still, Markus couldn’t resist adding, “What if it does, though?”

does the bitcoin halving mean the price will get cut in half
— Shibetoshi Nakamoto (@BillyM2k) April 17, 2024

Meanwhile, Samson Mow from Jan3, a big supporter of Bitcoin, urged everyone to appreciate its current value of $0.06 million. While he didn’t predict specific prices, Mow hinted at Bitcoin eventually hitting $1 million, stressing the importance of thinking long-term.

We are so early that there are people that are fearful about what happens after the halving. Enjoy $0.06M #Bitcoin while you can.
— Samson Mow (@Excellion) April 17, 2024

Also Read: How Will Bitcoin Halving Impact Top Cryptos

The Anticipation is Rising

As the Bitcoin halving draws near, scheduled to cut block rewards in half for miners, excitement builds within the crypto community. This fourth halving will reduce miners’ rewards from 6.25 BTC to 3.125 BTC per block, reinforcing Bitcoin’s deflationary nature.

Influencers like Mow anticipate a supply shock after the halving, coupled with increased demand from the emergence of spot BTC ETFs. Bernstein researchers predict a 7% decline in network hash rate post-halving, speculating that less efficient miners may leave as ETF revenues rise.

The recent approval of BTC and ETH ETFs in Hong Kong hints at broader trends across Asia, with potential implications for markets in South Korea, Japan, and Singapore. Reports suggest Hong Kong’s ETFs could attract up to $25 billion in capital once trading begins by April 30.

So, What’s Next?

Amidst speculation and market volatility, traders prepare for potential fluctuations, acknowledging the unpredictable nature of the crypto landscape. While some may see bearish signals due to patterns like the double-bottom formation and ample liquidity favoring large orders, others remain optimistic, viewing setbacks as part of Bitcoin’s ongoing journey.

Is Bitcoin headed for a volatile period or a long-term rally? Weigh in with your analysis!