2024

Bitcoin

April

<p>The post <a href="https://coinpedia.org/news/the-bitcoin-halving-is-set-to-happen-in-april-2024-heres-what-to-expect/">The Bitcoin Halving Is Set To Happen in April 2024, Here’s What To Expect</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin is making headlines once again as it surpasses the $52,700 mark, showcasing strong demand for BTC. According to on-chain data analytics firm CryptoQuant, <a href="https://cryptoquant.com/insights/research/65cce0397f4ffd2b53a998bc-14-February-2024-On-the-back-of-ETF-demand-Bitcoin-Breaches-The-50k-Mark-Amid-Ri">over 75%</a> of new Bitcoin investments are flowing through spot Bitcoin ETF,&nbsp; highlighting the growing interest in the cryptocurrency.</p> 
<p>As Bitcoin continues its upward trajectory, market analysts are turning their attention to the <a href="https://coinpedia.org/news/binance-boss-spills-crypto-secrets-bitcoin-ethereum-bnb-to-boom-eth-etf-coming-soon/">upcoming April 2024 halving</a> event. Speculating that the price could skyrocket to reach its all-time high (ATH) of $69,000, last seen in November 2021.</p> 
<h2 class="wp-block-heading" id="h-reduction-in-minning-rewards-nbsp">Reduction in Minning Rewards&nbsp;</h2> 
<p>The last halving in 2020 brought a reduction in the block reward to 6.25 BTC, sparking a 30% decline in Bitcoin’s hash rate within 2 weeks. Despite the initial dip in the hash rate, the system quickly adapted, and within just seven weeks, the hash rate reached new all-time highs.</p> 
<p>After the May 2020 halving, the price of Bitcoin started going up a lot, reaching a new high in just 8 months..</p> 
<h2 class="wp-block-heading" id="h-halving-effects-on-bitcoin-supply">Halving Effects on Bitcoin Supply</h2> 
<p>Fast forward to the present, where the upcoming halving promises transformative changes. The rewards issued to miners per block will be halved, reducing from 6.25 BTC to 3.125 BTC.&nbsp;</p> 
<p>However, this move aims to reduce Bitcoin’s inflation rate from 1.7% to 0.85% per year. Although Meanwhile, an expected dip in Bitcoin’s hash rate shortly after the halving is expected.&nbsp;</p> 
<p>Meanwhile, the reduction in issuance of new bitcoin supply means miners might sell less. History shows that after halving, miners sell less, lessening their impact on the market.</p> 
<p>Apart from this, <a href="https://coinpedia.org/news/bitcoins-outlook-amidst-fed-rate-cuts-insights-from-jp-morgan-ryze-labs/">expected FED rate cuts</a>, and strong interest from major institutions in Bitcoin, there is a projected 85% chance of Bitcoin reaching its all-time highs in the next six months.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p>Amidst the excitement, bitcoin faces resistance near $52,000, but bullish momentum persists, as indicated by the upward-sloping 20-day exponential moving average ($46,947). Conversely, a dip below the 20-day EMA may indicate a short-term reversal.</p> 
<p>Meanwhile, the relative strength index (RSI) above 81 suggests a rapid rally in the near term. If the price maintains above $52,000, a <a href="https://coinpedia.org/news/bitcoin-price-poised-to-rally-10-12x-in-this-crypto-bull-run-says-crypto-analyst/">rally to $60,000</a> is expected.&nbsp;</p>

The Bitcoin Halving Is Set To Happen in April 2024, Here’s What To Expect

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