Bitcoin BTC Bitcoin’s next cut in supply, also known as halving bitcoin, is only hours away. Fears of “rapid and cataclysmic collapse” in the U.S. Dollar.
Bitcoin price has risen by around 330% from its recent lows in 2022 of $15,000. Bitcoin has been struggling in recent weeks, despite rising expectations that China is about to explode the price of bitcoin.
Now, Binance bitcoin wallet warns of “credible” iPhone hackersOne closely watched analyst predicted that the Bitcoin halving would catapult its price to $1.8 million, giving bitcoin a value of nearly $35 trillion. Even as Wall Street Banks issue serious Bitcoin price warnings.
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Bitcoin’s fourth half-cut, a reduction in supply that would reduce the block reward from 6,25 bitcoins to 3,125 bitcoins, is scheduled to take place later today. This could have a major impact on the Bitcoin industry economy that has changed drastically since the previous supply cut of 2020.
According to NiceHash, the halving of the bitcoin supply, which will reduce the new daily supply from about 900 to around 450 is just hours away. Countdown. This is the fourth halving of bitcoin, after those in 2016, 2020, and 2012.
Noelle Acheson is a bitcoin analyst who is the author of Crypto is Macro Now, a newsletter. WriterCiting Bloomberg data.
Using Axios data, Acheson found the bitcoin price could “could reach $350,000 (using the previous cycle as a guide), or $1.8 million (applying the 2016 cycle performance)”–giving bitcoin a $35 trillion market cap.
Duncan Ash, Head of Strategy at Coincover said that the market would be under pressure in the short-term as investors rushed to grab a share of the market.
This is expected to continue, until new investors are discouraged by the high price. Then the market will settle and the balance of buyers and seller’s numbers will be restored. The industry will also have more users, higher market capitalization, and better liquidity. We’re therefore likely to witness a stabilising impact on the market over the medium to long-term.”
The first bitcoin halves outside of the Federal Reserve’s zero-interest-rate policy (Zirp), and after the long-awaited Wall Street bitcoin ETFs, have occurred. This is also the first bitcoin halving since China banned its bitcoin miners from the country in 2021.
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Jeff Hancock said, in an emailed statement, that “we are in a period of high inflation and high interest rates.” Hancock pointed out that the bitcoin market had matured, from being a hobby of crypto enthusiasts, to becoming a legitimate asset, with institutional interest. This is why he believes this cycle will differ. The institutional demand for bitcoin will continue.
Bitcoin will be halved every four to five years until about 2140. Miners won’t earn anything from bitcoin transactions once the network stops producing new coins. They are already planning for this with protocol like BRC-20, ordinals and runes that has pushed transaction fees up.
JPMorgan, Goldman Sachs and others are among the companies that have been impacted by speculation in recent weeks GS This week’s analysts Warning There is still no consensus on what impact the reduction in supply will have on the price of bitcoin.
In the past, bitcoin prices have risen in the following months after the three previous halves. Andrew O’Neill is a crypto-analyst at S&P Global. Tell them to get on with it Reuters He’s “somewhat sceptical of lessons learned in price forecasting from past halvings.”