Bitcoin (BTC) Halving Impact on Prices and Future Predictions
Bitcoin (BTC) Halving: Price Trades at $66,074 Post Event, Experts Explain Muted Reaction
Bitcoin (BTC) is currently trading at $66,074, slightly higher than its price before the fourth bitcoin-halving event that took place on Friday. The halving event reduced the issuance rate of new bitcoin to 3.125 every 10 minutes.
Surprisingly, the price of bitcoin has not seen a significant increase post-halving, which experts attribute to the fact that the price had already risen prior to the event. This is the first time in Bitcoin history that the price had increased before the halving event.
Other cryptocurrencies like Ethereum, BNB, and Solana are also seeing stable prices, with Ethereum trading at $3,180, BNB at $605, and Solana at $154.
Halving in the cryptocurrency world refers to a reduction in the rate of issuance of new coins. With only 21 million bitcoins available, a decrease in the pace of generating new bitcoins is expected to impact the prices of bitcoin.
Industry experts believe that the muted price reaction post-halving is due to the market already pricing in the event. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, stated that the 4th halving brings BTC’s annual inflation to less than gold’s, making it an attractive asset class for investors.
Shivam Thakral, CEO of BuyUcoin, highlighted that layer 2 tokens have outperformed bitcoin post-halving, with potential for further gains as more projects launch innovative scalability solutions.
Looking ahead, industry insiders predict that external factors such as geopolitical tensions, economic fluctuations, and technological advancements will play a significant role in determining bitcoin prices in 2024. The trajectory of bitcoin prices will also be influenced by ongoing adoption rates and other demand influencers.
Overall, the post-halving period for bitcoin has been relatively stable, with experts keeping a close eye on external factors that could impact its future price movements.
