In about three days, the Bitcoin halving—a technical event that occurs on the network every four years and cuts the amount of bitcoin in half—will take place.
As of press time, Oklink, a blockchain explorer, shows that there are 3 days and 15 hours left in the countdown, with 526 blocks left and an expected date of April 20. According to the Bitcoin network code, the halving, which is scheduled to happen every 210,000 blocks, reduces the profits earned by Bitcoin miners in half. This time, the 6.25 BTC mining incentives will be cut in half to 3.125 BTC.
https://x.com/cryptoquant_com/status/1780151953307123825
According to CryptoQuant’s most recent study, the price of Bitcoin has decreased substantially, hitting as low as 16.65%, with just a few days left until its fourth halving. The decline has left traders and investors in cryptocurrencies extremely afraid and anxious.
CryptoQuant notices a historical pattern that often happens prior to each halving cycle, even when selling pressure is still present in the market: a price fall. This pattern has happened several times in the past.
The price of Bitcoin dropped 40.36% for the second halving, hitting $465 before surging to $19,600. In a similar vein, prior to the third Bitcoin halving, the price of the cryptocurrency dropped by 20.35%, bottoming out at $8,078 before hitting $69,000.
since of now in this cycle, the price drop is 16.65%, which CryptoQuant considers to be a normal and anticipated occurrence. It goes on to say that there may not be any need for alarm since this pattern repeats itself, albeit with different percentages, in each cycle.
Expectations for Bitcoin halving event
The CEO of Crypto.com exchange, Kris Marszalek, is quoted by Bloomberg as saying that while the halving of Bitcoin may cause some selling at first because of buy-the-rumor, sell-the-news strategy, in the long term, the event is expected to drive up the price of the biggest digital asset.
Though there are concerns about whether a recurrence is probable given that Bitcoin has reached all-time highs in mid-March—something it has never done before the event—the halving event has traditionally been a positive catalyst for prices.
As of this writing, Bitcoin had dropped 5.68% on the previous day to $62,555 due to ongoing market volatility.
