Brace yourselves, crypto fans, as the Bitcoin halving event is coming this weekend, starting this Friday, April 19. The event is speculated to bring a new market cap for BTC that could potentially reach $35 trillion.
Halving events are a known cryptocurrency phenomenon that only happens every four years, with the last one taking place amidst the start of the pandemic.
This event is known to have been designed by the pseudonymous Bitcoin creator, Satoshi Nakamoto. It is set every four years, like the Olympics.
Bitcoin Halving: $35 Trillion Market Cap Speculations
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According to Forbes, the event set to take place this Friday will bring a massive change to the coin, an event that takes place every four years, with the last one happening in 2020.
An analyst regarded that from $63,000, BTC may jump to $1.8 million pricing during this event, leading to a massive market cap of $35 trillion.
Halving is known for removing 50 percent of the supplies mined by Bitcoin miners. During this event, the BTC block reward was cut from 6.25 to 3.125.
Additionally, today's new supply of BTC would play at around 450 from 900 as part of the halving event.
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What to Expect from the Bitcoin Halving Event?
Noelle Acheson, a Bitcoin analyst, claimed that using Axios data, applying the 2016 cycle performance "could reach $350,000 (using the previous cycle as a guide), or $1.8 million (applying the 2016 cycle performance)."
The halving is expected to disrupt 'supply and demand,' put it on the sidelines, and drive more market pressure as investors look to get their hands on it, driving its prices, said Duncan Ash from Coincover.
Bitcoin Halving and Its Said Effects
The upcoming cryptocurrency phenomenon of Bitcoin halving is near, and while it did not see a consistent effect before, as 2016 had a different case from 2020, it is a massive event for the coin.
Ripple CEO Brad Garlinghouse predicts that 2025 will be a good year for the cryptocurrency industry and attributes one factor to this year's Bitcoin halving.
Alongside this, Bitcoin saw a massive rally for the first quarter of 2024, and from January to March, the top cryptocurrency surged in the market, reaching new highs.
Recently, it broke its all-time high record when it reached $72,000, a first in crypto's history. This unprecedented event for Bitcoin helped the other coins reach new heights.
The massive event of Bitcoin halving will bring an enormous change to the top cryptocurrency, for better or worse. It is unknown exactly what this phenomenon will bring to the crypto industry.
However, there are high hopes for the halving event, which could effectively lead to BTC jumping to a $35 trillion market capitalization, currently at $1.2 trillion.
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