What to Expect From the Next Bitcoin Halving
Predictions for the next Bitcoin Halving again are being made by the analysts as to how the price of Bitcoin will respond to the next Bitcoin halving which is supposedly going to happen around March 30, 2024.
The market reactions to Bitcoin halving in the past were hard to predict and the outcomes normally take time to come into effect.
Bitcoin Halving
Bitcoin halving happens every four years meaning that the block rewards paid to the miners decreases by 50% and the rewards will be cut in half (50%). With that the recent Bitcoin mined per block will cut from 6.25 to 3.125.
Coin Metrics
Currently around 900 Bitcoins are being generated on daily basis and after the next halving it will decrease to 450 Bitcoin per day.
Going back to the last halving, it went from 12.5 to 6.25 in the year 2020, there wasn't a significant reaction as was expected by a few. Bitcoin prices were a little lower by the end of the day but some observers say that this halving triggered the next bull run in a couple of few months.
The Effect of Next Halving
It's hard to predict the price effect of Bitcoin next halving that is going to happen in 2024, but what we know that the Bitcoin rewards to miners will decrease by 50% thus the price of Bitcoin has to go up to make mining profitable for the miners.
According to the wide number of people having this notion, that the price of bitcoin is related to the costs associate with it's production and it's production cost acts as a floor for the price.
Halving Happening Before
The first halving which happened back in 2012, the community divided into two camps. One camp argued that the price of Bitcoin will go 2x with the supply cutting off in half while the other side didn't expect much.
In the second halving back in 2016, the price of Bitcoin fell in start surprising many holder who expected it to go up but later the uptrend resumed and bitcoin got a massive bull run.
The third halving almost had no impact on the price initially.
Expectations
Looking at these halving events, they show that initial price impact has been insignificant. But in the medium and longer run, the prices did go up. As with the lower supply of the new coins generated and the increase in miner's cost, the price has to go up to make it profitable for them has contributed to the prices go up in these terms.
What will happen in the next halving, we don't know that, but according to the past halving history, the same is expected.
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There will likely be a point where the halvings have little impact since, proportionately speaking, there is so little BTC left to get out. What are we at, 18 or 19 million already distributed?
So there is a lot more on the market than will come. At some point the new BTC is a lot less important than the existing.
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You right but what do you expect after 2024 Bitcoin halving? Or it will be same as it behaved in the past?
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Is there a prediction of when all btc is mind? Was just wondering.
It would also be interesting to know how much btc is already locked due to lost keys :-)
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According to coinmarketcap
"In total, there will be just 21 million Bitcoin produced. The total Bitcoin supply will be reached around 2140".
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Ha, I guess that’s too far in the future for me right now 😅
Thanks for looking it up 👌
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I know, right?😁🤤😂
You're welcome. 😌
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https://twitter.com/itsHowzat/status/1525841369813725186
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It is hard to predict Bitcoin market at the moment yet the future of Bitcoin is sure. Already there are a lot people actively in investing in it which gives hope for the future. It will interest you to know by 2024 the expectation on Bitcoin halving will yield more than the past.
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Normally the pricing for the halving event is in a year ahead of time so that puts me at this time next year we see the price move for it. It often cools down and has a hard sell off at the news/ point of the halving and rallies way later. It's because everyone expects it and is already counting for it. That's why I'm bulling going into 2023 and in particular summer 2023.
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Lets wait and see if the market behaves different this time but seeing the halving history, I feel like that may not be the case.
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Time will tell
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