Dear friends, #Bitcoin's fourth halving will be 840,000 on April 20, 2024. It is completed when the block is produced. This event means that the reward earned by Bitcoin miners decreased from 6.25 BTC to 3,125 BTC. 💸The halving is complete.
#Halving is expected to have two types of impacts on the #cryptocurrency market: short-term and long-term.
✅1 Short-Term Effects of Scenario:
Price Fluctuations: It is common for there to be short-term fluctuations in #Bitcoin price after the halving. While some analysts predict that the decrease in supply will lead to an increase in prices, others argue that there may be a decrease as investors realize their profits.
Hash rate: Decreasing mining rewards may cause mining difficulty to increase and hash rate to decrease. This may affect the security of the network.
Looking at market conditions, especially #altcoins are ready to move from current levels, funding rates are ideal for a good rise; The 60K support level is holding the price very well.
The nearest resistance will be 65K, followed by 68K, after which there is a very high chance of moving above 💸ATH in case of crossover and consolidation.
✅2 Scenarios Long Term Effects:
Rarity: The halving causes Bitcoin to become a rarer asset, tipping the supply-demand balance in favor of miners. This situation has the potential for prices to increase in the long run.
Adoption: Halving could lead to greater mainstream adoption of Bitcoin. Investors may start turning to Bitcoin to hedge against inflation.
Mining Industry: Declining mining rewards may force the mining industry to reshape. More efficient mining equipment and alternative mining methods may be needed.
However, it should not be forgotten that the halving alone is not a factor that determines the Bitcoin price and general market conditions, and investor sentiment and regulations also affect the price.
Although the future of Bitcoin after halving is uncertain, this event is an important turning point for the cryptocurrency market. It will be important to follow the market closely and observe the developments in the coming months and years.
We continue to follow #Bitcoin, the giant of the #crypto market, as 60K is an important support. Volatile activity in possible risk situations means a decline towards 51K support levels. The fact that it is permanent above 60K is positive for now. We can say that in case of a rapid decline to the 51K support levels, there will be very good opportunities to take more positions without panicking. This scenario will have a positive impact on the market in the long run. The market will be fully ready for the rise. However, there is no need to fear a possible strong decline in #altcoins. We can say that the trend is upward in the medium and long term. The support and resistance levels we have given in the chart can be followed carefully.
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