What to Expect After the Bitcoin Halving

• With the 2024  Bitcoin halving now just months away, market experts and leaders are beginning to share their predictions on price and the wider network response.
• Binance CEO Changpeng Zhao ‘CZ’ has been sharing his knowledge on the monumental event.

The entire crypto community is eagerly awaiting the upcoming Bitcoin halving scheduled for April 2024. Certainly, Binance, the largest cryptocurrency by trading volume, and its CEO Changpeng Zhao ‘CZ’ are equally awaiting the halving and have shared a few key updates.

According to an update by CZ, his exchange has added the Bitcoin halving countdown on its homepage. This signifies the importance of the event. Historically, this is one of the most bullish events in the crypto market. Primarily, the prices are driven to a new all-time high by FOMO (Fear of Missing Out). BTC prices typically rally hard in the weeks leading up to the event. After the event, prices sometimes slow down as the investors utilize the ‘buy the rumor, sell the news’ strategy.

But propelled by Bitcoin miners who have their reward reduced by half after a successful halving, the prices usually surge to reach new highs in the months following the halving.

#Binance added the #bitcoin halving countdown to our homepage.

And here are my thoughts around the Bitcoin Halvings…https://t.co/1bmuizoeZG

— CZ 🔶 Binance (@cz_binance) October 8, 2023

As the next halving approaches, CZ has shared some predictions based on his past experiences. CZ notes that leading up to the day of the halving, there will be a lot of chatter and hype about the event. This will greatly boost the adoption of the market. He warns that the day after the halving, the price will not double overnight, and while amateur traders will be wondering why, experienced traders will be aware that this has been a historic trend.

Like most experts, CZ expects BTC to hit its all-time high the year after the halving, and the experienced traders will remember the cause is the past halving. However, the CEO warns that history does not predict the future and the trend might not repeat as expected.

At the time of press, BTC is exchanging for $27,500 following another rejection at the $28,000 local resistance. Experts view this as a key resistance to reaching the $30,000 psychological level where many traders will begin viewing the digital asset as bullish.

Headed to the 2024 halving, investors will be keen to break the current all-time high set in 2021 when the digital asset reached $69,000. Interestingly, this monumental achievement was reached just a year after the last halving in 2020. As CNF has reported, market leaders and expert predictions for BTC in 2024 range from $45,000 to $250,000. It is important to note that some of the predictions have considered the approval of the first Bitcoin spot ETF before the end of 2024.

Read More: Bitcoin 2024: Experts Reveal Price Predictions from $45,000 to $250,000

The upcoming halving will be the fourth halving in BItcoin’s history. The event will see the reward awarded to miners for validating the blockchain slashed in half from 6.25 BTC to 3.125 BTC.

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