The Crypto market has slowed down considerably after witnessing a great run throughout 2021 and part of 2022. With Bitcoin (BTC) almost reaching $7000 and other popular cryptocurrencies performing exceptionally well, especially Solana (SOL), Cardano (ADA) and Ethereum (ETH), expectations were high, but the economic slowdown and reports related to Sam Bankman-Fried led FTX crypto trading platform crash, have proved to be the party spoilers for the crypto market that went above $3 trillion at its peak in 2021.
Crypto contracts are still in demand. With Bitcoin halving approaching soon, crypto traders and investors focus on the price of the most famous cryptocurrency, Bitcoin. Bitcoin halving is a major event that keeps everyone in the crypto trading world busy with calculations.
Bitcoin halving event and its impact on crypto price
Bitcoin halving occurs when block rewards or anticipated Bitcoin numbers join the league in circulation every time a block generates. At this time, the reward points of the block get reduced by half. Through this process, you can ensure that it will take place with greater frequency than it happened before.
Analysts are still not able to predict the true value of Bitcoin in the near future. The generalists believe it to go up to $50,000 or $100,000 again. Even though the future value of Bitcoin is still unknown, it is certain that trading will push the crypto market up, and a big chunk of the crypto trading population will hit trading again, which will benefit other cryptocurrencies too.
Acquiring big or short positions on Bitcoin trading can be profitable for buyers. Other than this, other altcoins in the current crypto contracts trading will be Ethereum, Solana and Litecoin. As per analysts, Ethereum, Litecoin, Cardano and Solana will be the top-selling cryptos this year.
Trading of BTC, ETH and LTC explained
Crypto Contract trading will be done using digital assets like Bitcoin, Ethereum, and other cryptocurrencies. Bitcoin halving is around the corner to become the most eventful day of the year.
There are a lot of expectations as compared to the first-ever event that occurred when cryptocurrencies were introduced. Since then, cryptocurrency trading has become popular, and analysts keep coming up with various research. Bitcoin has gained popularity and is the most popular part of an investment portfolio, much like stocks of Blue Chip companies.
However, despite positive reports, this year might continue to be a bumpier ride for all Bitcoin investors. Some experts believe that even in the most favorable position, the price is expected to go up by 20% if economic conditions remain stable. So, as the next Bitcoin halving day comes closer, analysts are again busy making crypto price predictions.
Bitcoin Halving - What to expect?
Bitcoin halving day or halvening date occurs after every 210,000 blocks are generated by the network. This roughly takes around four years to be consumed up. Previously, the Bitcoin halving event occurred in 2020. Before that, it was in 2016, and 2024 is next in line.
In the Bitcoin halving event, Bitcoin miners getting rewards for mining blocks is halved after the generating process of supplying 20 million Bitcoins gets complete. After all the calculations are done, Bitcoin halving will continue till 2140.
For traders, Bitcoin trading events are highly profitable as the number of coins gets reduced, and the price takes a hike if the demand for Bitcoin increases. Based on the previous halving, no one can be sure about the Bitcoin price hikes as these prices fluctuate every year.
A couple of years ago, seeing the current performance of Bitcoin so far, a popular crypto trader shouted out loud on Twitter. According to him, Bitcoin was going to face rapid appreciation, and the position trader shouted loud on his Twitter handle, saying, “Bitcoin is flying and ready to take a $100,000 flight in coming years”. Well, that was not meant to be.
Importance of Bitcoin halving - Why is it important?
The functioning of Bitcoin largely depends on the strong network of crypto that decides the retaining price value of Bitcoin in Mar 2024. With each passing event of Bitcoin halving, the price of a Bitcoin drops about 1.8 percent.
Those who address it as “digital gold” understand that its price is equivalent to inflation gold price. These events, like Bitcoin halving 2024, hold importance in the lives of highly enthusiastic Bitcoin investors. They are the ones who forecast how halving is going to have a positive impact on its value and other cryptos.
3000% value hike of Bitcoin
On comparing the starting value of Bitcoin a few years back, we see that the value of Bitcoin has seen a rise at a breathtaking pace, starting from $12.41 in its first halving to $994. In the second halving, the value of it surged to approximately 1,130%. The gains made at that time were so highly rewarding that naysayers couldn’t believe it at once.
After going through the previous halvings data, Marco’s prediction for the Bitcoin trading 2020 price was not far-fetched. After halving in 2020, it was certain that the most famous cryptocurrency would reach the $100,000 price mark. Mike Novogratz was optimistic about the Bitcoin price rise in 2020. According to him, the price would have ended at $12000.
Another Investor from Fundstrat was looking to see a Bitcoin price hike of 100% and above. But as we know how volatile the crypto market can be, all predictions fell flat, and the crypto market crash made it go below the $1 trillion mark and Bitcoin price falling to around $15000, making predictions around it is a risky affair.
Whether Bitcoin price reaches $100,000 or remains stable at its current price, halving 2024 is an important event, and all eyes are on it.
