Bitcoin (BTC) is on the brink of its fourth halving event, scheduled to occur on April 20 when the block height reaches 840,000. This highly anticipated event has sparked celebrations around the world, with live streams, physical events, and online parties organized by crypto exchanges, influencers, and podcasters. The halving marks a significant reduction in Bitcoin miners’ block issuance rewards, cutting them in half from 6.25 BTC to 3.125 BTC per block. This mechanism is designed to gradually decrease Bitcoin’s inflation rate until it reaches its maximum supply of 21 billion Bitcoin.
For those interested in joining a virtual event, BITC0IN’s Discord and YouTube channel, with 68,700 subscribers, will provide a look back at the past four-year cycle and allow Bitcoiners to share their thoughts. The event will also include simultaneous poker games. Private online parties hosted by crypto traders, including Oliver Velez with 2,000 guests, are also an option. Kraken, a crypto exchange, has organized a livestream featuring well-known Bitcoiners such as Dave Portnoy and Anthony Pompliano. Philippines Bitcoin payments app Pouch is hosting an online halving party, encouraging Bitcoiners to invite their friends. Cointelegraph has a countdown on its homepage for those who prefer a simpler approach.
For those who want to witness the 840,000th block being mined, blockchain explorer websites like BTCScan or Blockstream provide real-time updates. Physical halving parties are also taking place, including one in Switzerland hosted by the founder of Bitcoin Suisse and another in Brisbane, Australia, sponsored by Binance.
Despite the excitement surrounding the halving, analysts suggest that immediate effects on Bitcoin’s price are unlikely. Karl Mohan, Crypto.com’s Asia and Pacific general manager, advises investors to take a broader perspective and not expect instant impacts. Other analysts emphasize the importance of focusing on the long-term and avoiding concerns about short-term volatility.
Historical data shows that after the last halving in May 2020, Bitcoin’s price initially dipped by 5% but later surged by 180% by the end of the year. However, some crypto leaders expect a sell-off after the halving, similar to the reaction when the Bitcoin ETF was announced earlier this year. The approval of spot Bitcoin ETFs led to a 15% drop in Bitcoin’s price within 11 days. Despite these expectations, many experts believe that the halving will contribute to Bitcoin’s long-term growth, with predictions of a six-figure price tag and reaching $100,000 in the future due to enhanced regulatory frameworks, technological innovations, and favorable macroeconomic conditions.