Halving 2024: Where is Bitcoin heading next?

The highly anticipated Bitcoin (BTC) halving, which reduces the production of new Bitcoins by half, is about to take place in the crypto community. This is an automatic process that occurs roughly every four years. As a result, miners will experience a significant decrease in revenue and fewer new Bitcoids will be released into circulation.

In the newest CryptoMoon video, we explore how this recent occurrence may affect miners and investors.

Industry insiders generally regard the upcoming halving as less of a worry and more of a chance for miners to enhance their efficiency.

Miners have spent the last four years getting ready for this occurrence by enhancing their mining equipment and discovering areas with affordable electricity.

According to Will Baxter, the Senior Vice President of Business Strategy and Development at Braiins, a Bitcoin mining firm, we can expect many miners to begin exploring various energy sources in the near future.

Miners often take their operations to landfills where they extract Bitcoin using the discarded trash as an energy source. The miner added, “An increasing number of Bitcoin miners are moving towards utilizing stranded energy.”

According to Jaran Mellerud, the co-founder and CEO of Hashlab Mining, we might not witness a significant decrease in hash rate following the halving, possibly amounting to no more than 10% reduction.

During the same event, the Bitcoin halving is expected to influence Bitcoin’s price as it historically has. Post-halving, the reduced supply could potentially lead to price surges if demand stays steady or grows significantly.

Price predictions range from $120,000 by the year’s end to $250,000 by the end of 2025.

In other words, the reduction of Bitcoin’s supply by half (halving) doesn’t happen in isolation. The economic situation as a whole will significantly influence Bitcoin’s price in the near and mid-term future.

Mike McGlone, Bloomberg’s senior commodity strategist, anticipates that a stock market decline could impact Bitcoin, even with the upcoming halving event.

McGlone expressed that it remains to be seen if Bitcoin will behave more like gold with lower correlation (beta) or more like its usual volatile self. He cautioned that even with a decrease in correlation, Bitcoin may still experience significant price drops.

If you’re interested in learning how this Bitcoin halving could differ from past ones, watch our detailed exploration in the video on our YouTube channel. Don’t forget to hit that subscribe button for more insightful content!

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2024-04-15 21:38