“The 2024 Bitcoin halving is anticipated to be a game-changer, as it coincides with a shift in global financial landscape and growing mainstream adoption. This unique combination of factors may pave the way for an unprecedented surge in Bitcoin’s value, unlike anything we’ve witnessed in previous halving events.”
The Bitcoin halving is an event that occurs every four years and cuts the rate at which new Bitcoin is created in half. Many believe that the halving is a major catalyst for Bitcoin’s price surges. However, a leading analyst suggests that the impact of the halving on crypto prices is often overestimated.
While the halving event is indeed significant, it does not guarantee an increase in Bitcoin’s price. If the reduced supply of new Bitcoin is not met with significant demand, prices are unlikely to surge. Additionally, since the halving is a predictable event, the market may already account for its impact before it happens.
Bloomberg analyst Mike McGlone expresses concern about the consensus surrounding the halving event. He believes that when events are highly anticipated, they often fail to meet expectations.
Furthermore, each time the halving occurs, its impact on the new Bitcoin supply decreases. Over time, its influence will become less relevant. Instead, changes in demand will become the primary factor influencing Bitcoin’s price.
So, what will be the impact of the next Bitcoin halving on the crypto market? And if not the halving, what are the catalysts behind Bitcoin’s cyclical upside moves? To find out, you can check out the latest Cointelegraph Report on YouTube and subscribe for more insights.