Bitcoin Halving Looms 10 Days Away as BTC Reclaims $70K Mark

• The upcoming Bitcoin halving is fast approaching.
• Market anticipation continues to peak despite price highs and lows.
• Opinions are divided on the potential impact of the fourth halving on the market.

As one of the most historic events in crypto, the Bitcoin halving drives anticipation among market participants and industry enthusiasts. Renowned for its ability to catalyze a significant uptick in BTC price and the broader crypto market, Its rarity adds to the excitement, drawing even more enthusiasm and expectations for its benefits.

Anticipation for the fourth bitcoin halving intensifies by the day, begging the question of how long to go.

Bitcoin Halving Closing In

According to the OKLink Halving countdown on Tuesday, April 9, the fourth BTC halving is approximately ten days and 20 hours away.

The event, which will see a 50% reduction of the present miner-generated BTC to 3.125 from its current 6.25, is scheduled to occur upon adding 1,555 additional blocks, and it is expected to take place on April 20, 2024.

The nearing countdown has cast a spotlight on the performance of Bitcoin and its current pre-halving phase, particularly following a significant price retest on the crypto king over the past week. Analyzing the trajectory of the token, market analyst Rekt Capital emphasized that Bitcoin’s current $70,000 position marks the successful completion of its “pre-halving danger zone” retest , which saw the sip over approximately 18% within seven days.

This rebound aligns with predictions for an upward price trend ahead of the halving. However, Rekt Capital stated that failure to surpass its post-retest resistance level of $71,300 might lead to another consolidation phase, resulting in fluctuations between $69,000 and $71,300.

The heightening anticipation has given rise to mixed predictions regarding the potential impact of the halving.

Bitcoin Halving: A Prelude to New Highs or Lows?

The quadrennial event’s historical trend of igniting upward Bitcoin-led momentum for the crypto market in previous cycles has heightened optimism that the fourth halving will replicate its previous patterns and repeat its cycle.

Analysts, such as MacronautBTC, expect the resulting supply cut to coincide with a growing demand for the crypto king, particularly driven by the success of Bitcoin ETFs , which have opened an additional gateway into the asset class. The trend is expected to continue into the upcoming halving, fueling a scarcity that propels Bitcoin’s price as high as $237,000.

However, the pre-halving anticipation is also marked by cautious sentiment. In a recent report , Coinbase emphasized that while the upcoming event could ignite a spike in prices, “it will have to contend with what is typically a weak time of the year for crypto markets and other risk assets.”

Former BitMEX CEO Arthur Hayes also contrasted the entrenched narrative that the halving was positive for the industry, charting a more conservative outlook for the upcoming event. Hayes emphasized that assets are likely to experience significant price declines, particularly considering present economic factors, such as tighter dollar liquidity.

At press time, Bitcoin is trading at $70,893, reflecting a 2.2% decrease in the last 24 hours and an approximate 7.5% increase over the past week.

On the Flipside

• Bitcoin’s trading price at press time is 4.25% below its all-time high value of $73,780.
• Some analysts have argued that Bitcoin’s breach of its all-time high pre-halving suggests that the event is priced in.
• At press time, 94% of the entire BTC supply is in circulation.

Why This Matters

The fourth Bitcoin halving is edging closer than ever and is generating widespread buzz across the industry. While predictions abound regarding its potential impact on Bitcoin and the broader market, the outcome is contingent on various factors, such as the industry’s inherent volatility and evolving macroeconomic conditions.

Read more about crypto inflows in the past week despite mixed market trends:
Bitcoin Leads $862M Crypto Inflows Recovery as Halving Nears

Here’s how Sui is recording losses in TVL and token price:
Sui TVL Drops 12% Post Record $720M Peak as Token Hits Lows