Halving slashes in half the coins Bitcoin miners receive as rewards.
According to the Glassnode estimate, the Bitcoin halving might occur on April 23, 2024, although this might vary.
The expected date for Bitcoin halving is April 22, 2024, according to OKLINK, which gives a countdown of about 80 days. There are presently 11,603 blocks left for this event. Bitcoin mining rewards will be slashed from 6.25 BTC to 3.125 BTC.
Significant bull runs have followed Bitcoin-halving events, as seen in 2012, 2016 and 2020. In line with this, expectations are on the rise for the next Bitcoin halving.
The first is post-halving corrections. According to Ali, after the 2016 and 2020 halvings, Bitcoin experienced corrections of 30% and 7% within a month. In this scenario, Bitcoin reacts negatively to the halving event.
Second is the scenario of significant post-halving rallies. Ali observed that following the 2012, 2016 and 2020 halvings, BTC surged by 11,000%, 2,850% and 700%. In this most-anticipated scenario, Bitcoin reacts to the halving event positively, triggering a bull run.
Third, Ali pointed out the pattern of bull market durations: the bull markets after each halving lasted 365 days, 518 days and 549 days, respectively.
Fourth, the next market top: If the upcoming bull market follows historical trends, the next Bitcoin market top could be anticipated around April or October 2025, according to Ali.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
