The expected fourth bitcoin-bull-market-glassnode/” rel=”nofollow”>Halving bitcoin It finally happened after btc published its 840,000th block. This event is important as it is expected to have several implications for the bitcoin ecosystem and the cryptocurrency market in the future.
What to expect after the bitcoin halving
bitcoin Halving Dropped Drastically bitcoin-whales-miners/” rel=”nofollow”>miner rewards from 6.25 btc to 3.125 btc for each block mined. This means that bitcoin miners will earn a reduced income of 450 btc instead of the 900 btc they earned before the fourth halving. This development is expected to have a dire effect on its operations, such as NewsBTC reported who could lose a whopping $10 billion after the halving.
While the effects of the halving are not as pleasant for btc miners, the halving is considered necessary for the growth of the bitcoin ecosystem. It makes bitcoin (btc) deflationary by reducing the rate at which more tokens enter circulation. This could make the flagship cryptocurrency more scarce and ultimately increase its value, as it has in the after three halves.
Anticipating history repeating itself, crypto analysts and experts have made several predictions about how high bitcoin could rise this time after the halving. So far, the most bullish price prediction remains bitcoin-swift-rise-to-1-million/” rel=”nofollow”>Samson cutthe CEO of Jan3 and Bitcoiner, who predict that the flagship cryptocurrency could reach $1 million this year.
He added that this unprecedented price increase was possible considering that demand for btc is expected to continue outpacing supply, with more institutional investors recently coming aboard through the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETF. The imbalance between bitcoin supply and demand is also the reason why crypto analyst MacronautBTC believes bitcoin could rise to $237,000.
Billionaire Tim Draper also agrees that bitcoin could reach such heights based on its prediction that the flagship cryptocurrency will reach $250,000 in 2025.
Implications on the broader crypto market
bitcoin-150000-40-correction/” rel=”nofollow”>The cryptanalyst Michaël van de Poppe recently foretold a narrative change after the halving. He expects bitcoin to take months to consolidate, while altcoins move significantly higher during this period. This is plausible, considering bitcoin. does not experience that parabolic price rise until about six months after the halving.
During this period, altcoins like XRP and Cardano (ADA)which have underperformed so far, will be closely monitored as investors wait to see if they show any signs of bullish momentum in them. ethereum (eth) It will also be the focus of many in the crypto community as they watch how the second-largest crypto token by market cap will perform as bitcoin (btc) consolidates.
Interestingly, Van de Poppe expects the narrative to shift towards ethereum and the projects on it. Decentralized Physical Infrastructure Networks (DePIN) and the Real World Assets (RWA) sector. Therefore, it is also worth following these projects closely.
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btc bulls hold price above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
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