The Bitcoin Halving event is going to be happening on the 20th of this month which is in another two days. There is a high prediction going on in the price of Bitcoin. There is a high chance that people might trade a lot of Bitcoin in the coming days making the market very busy. Experts have already said that Bitcoin prices would spike either during or after the Halving event takes place. There is also a fair chance for a new all-time high for Bitcoin. But these are all predictions and nobody can guarantee what can happen.
A few days back we were all expecting BTC to have a good ride and the altcoins to follow but unfortunately market started bleeding and many people said that it was because of the war. Nobody knows the exact reason but in the last 24 hours the price is looking pretty much stable and it is giving hope to the traders. There are a few possibilities of what can happen during the halving event.
Having a look at the chart gives us some indication. If we observe closely, maybe during the halving event there was not a big price movement. But after the halving event in 2016 and 2020, there is a spike. I believe for 2024 the spike started before the halving event and I'm not sure what can happen after the halving. Many experts have given their predictions and compared to previous years, we have so many new investors joining the crypto space trying to explore this.
BTC will spike
The biggest expectation is that BTC will spike after the halving. The main reason given is that it has been the case in the last few halving events. During that time there will be so much market pressure and BTC will keep going up and gradually start going down too where many people might start booking their profits too. Like everyone else, I'm also eagerly waiting to watch this event happen. I don't remember being very active 4 years back understanding about the halving event and all. So this is going to be fun watching BTC value change. I'm sure I will gather more knowledge and experience that I can use for the next halving event.
Altcoins will also spike
The main reason why altcoins can spike is that people might figure out that BTC has reached its all-time high and they might take their funds out and invest in some of the altcoins that they believe in. Many wise investors have already started moving their funds to altcoin. This dip helped them do it. SPI team on Hive bought a huge amount of Hive which is almost close to 200k by selling their BTC holdings. They swapped BTC for Hive and brought them inside the blockchain. When the altcoins pump and if luckily Hive starts pumping, swapping it back to BTC can increase the BTC holding someone can have. If the team is lucky they might even be able to do this multiple times as swing trades but that's risky.
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Posted Using InLeo Alpha