The Bitcoin halving is just around the corner, set to occur at block #840000, estimated to be reached on April 20, 2024, at 03:53:52 AM EDT. This event will halve the mining reward, reducing the new BTC supply and potentially boosting prices due to increased scarcity. As of the latest data, Bitcoin is trading at $64,339.
Experts have varying predictions for Bitcoin's price after the halving. Michael Novogratz predicts a surge to $150,000, while Lee's analysis suggests a significant price appreciation based on Bitcoin's unique qualities and growing demand. CoinCodex's algorithm forecasts a +20.7% increase in Bitcoin's price between now and the next halving.
However, the halving event is not just about Bitcoin. Altcoins are experiencing a significant impact as well. The market is witnessing what some call "altcoin carnage," with altcoins getting "brutally thrashed." This phenomenon highlights the importance of closely monitoring the $ALT/$BTC charts to gauge market sentiment and potential reversals.
As we approach the halving, the market is likely to see increased volatility, and both Bitcoin and altcoins could experience significant price movements. Traders and investors should be prepared for a potentially wild ride in the coming weeks.