Crypto community begins Bitcoin halving countdown as milestone date nears
The crypto neighborhood and many of its most high-profile players have actually started to shift their focus towards the Bitcoin halving, a 4-year cyclic event that cuts the Bitcoin market supply in half. With the next halving event set up for April 2024, the Bitcoin mining reward will decrease from the present 6.25 BTC per block to 3.125 BTC per block. Binance CEO Chang Peng Zhao took to Twitter to set the countdown for the next halving in an X (previously Twitter) post to remind everyone that the next BTC halving occasion is only 135 days away. #Bitcoin halving soon. pic.twitter.com/xp4mWyMKkD— CZ Binance (@cz_binance) November 19, 2023
With the next halving event set up for April 2024, the Bitcoin mining reward will minimize from the present 6.25 BTC per block to 3.125 BTC per block. Historically, Bitcoin halving is likewise linked to bullish momentum in BTC rate owing to the supply-demand dynamics where the halving of the supply in the middle of growing demand pushes the BTC rate to brand-new highs simply around the halving time. Throughout the last bull cycle, which began in 2020 with the halving in May 2020, the BTC rate traded under $10,000 nearly two months before the halving duration.
Historically, Bitcoin halving is likewise linked to bullish momentum in BTC rate owing to the supply-demand characteristics where the halving of the supply in the middle of growing need pushes the BTC rate to brand-new highs just around the halving time. During the last bull cycle, which started in 2020 with the halving in May 2020, the BTC rate traded under $10,000 nearly 2 months before the halving duration. The pre-halving bullish momentum saw BTC cost surpass the previous cycles all-time high of around $17,000. After halving, the BTC price broke into parabolic momentum and touched a brand-new all-time high of over $69,0000. The technical experts with the X profile name Rekt Capital likewise took to Twitter to elaborate on the different stages of a BTC bull cycle. The analysts divided the timeline into post-halving and pre-halving events, where they pointed out that approximately 60 days before the halving, a pre-halving rally tends to occur as financiers tend to “Buy the Hype” to “Sell the News.”However, this euphoric cost rise in the pre-halving period is followed by a retrace around the time of the actual halving. In 2016, the pre-halving retrace was -38% while this pre-halving retrace was -20%. The pre-halving retrace is followed by a multi-month re-accumulation phase when the BTC rate starts to accumulate further. Numerous financiers get cleaned in this stage due to boredom, impatience and frustration with the lack of significant lead to their BTC investment in the instant aftermath of the halving.Bitcoin halving cycle stages. Source: XThe build-up stage is followed by the parabolic rise, in which Bitcoin breaks out from the re-accumulation area to touch brand-new highs. During this phase, Bitcoin experiences sped up growth on its way to new perpetuity highs.