On April 17, 2024, Bitcoin is about to usher in an important event - the Bitcoin halving, which is an event that takes place every four years and is intended to reduce the rewards for miners, thereby affecting the supply of Bitcoin. This event has attracted widespread attention and expectations in the cryptocurrency field, as it is widely expected that this cycle will drive Bitcoin prices up. This halving cycle is different from previous ones, triggering many unique drivers and price predictions.

Before April 17, 2024, Bitcoin had already risen sharply in the countdown to the halving, reaching an all-time high of more than $70,000. Experts believe that in addition to the halving event itself, there are other factors that will drive Bitcoin prices further up. The halving event will effectively reduce the supply of new Bitcoins, which usually triggers an increase in the value of Bitcoin because the reduction in supply may lead to an increase in demand.

Bitcoin's fourth halving will take place in late April, which will significantly reduce Bitcoin's inflation rate from 1.8% to 0.9%. This event has an important impact on the supply and demand relationship, which in turn determines the value of Bitcoin in the market. Miners earn Bitcoin by verifying transactions, and the halving event will reduce the number of Bitcoins they can earn daily by half, from the current 6.25 Bitcoins to 3.125 Bitcoins.

Musk's change of attitude is considered one of the reasons for the recent fluctuations in Bitcoin prices. Not long ago, Musk announced that Tesla would support Bitcoin payments, which pushed up Bitcoin prices. However, he then changed his position, which triggered fluctuations in Bitcoin prices again. This uncertainty in the market also adds some uncertainty to the future trend of Bitcoin.

In general, the Bitcoin halving event on April 17, 2024 has attracted great attention from investors and cryptocurrency enthusiasts around the world. People expect that this event will bring about an increase in Bitcoin prices and affect the development of the cryptocurrency market. Bitcoin's halving mechanism has a profound impact on the market, so investors need to pay close attention to this event and make corresponding investment decisions.