With the first digital currency, Bitcoin (BTC), getting closer to its much awaited halving event in April, all eyes are on this turbulent market. In the meanwhile, cryptocurrency expert Crypto Tony shocked the community by tweeting that the price of Bitcoin would drop as low as $38,000 before the halving.
https://x.com/CryptoTony__/status/1748990565855928720?s=20
According to the most recent report, the price of Bitcoin is now $41,770, up 0.62% over the previous day. But during the previous 30 days, the cryptocurrency saw a 5.01% decline, which is indicative of the continuous market swings. Bitcoin trade volume has also experienced a sharp decline, falling by 56.12% over the past day to $9,930,593,235.
Notably, CoinGlass data shows that there have been BTC liquidations totaling $2.54 million in the last day alone. This illustrates how volatile the present market is, with $628.48K in long liquidations and $1.91 million in short liquidations. Investors and cryptocurrency aficionados are keeping a careful eye on these events as the Bitcoin halving clock approaches.
Bitcoin halving buzz
The well-known on-chain analytics software Glassnode predicts that the Bitcoin halving will occur in around 97 days, as U.Today previously reported. The scheduled occurrence known as the “Bitcoin halving” takes place about every four years or when 210,000 blocks have been mined. The payment that miners get for confirming transactions is cut in half throughout this phase.
The system behind Bitcoin incorporates this scarcity mechanism, which is meant to limit the coin’s inflation and preserve its value over time. Based on past pricing trends, wherein halving occurrences have been followed by notable price spikes, this next event is seen as a major motivator for the Bitcoin price.
It’s crucial to remember that Crypto Tony’s estimate of a decline to $38,000 only applies to pre-halving prices. Beyond the halving, many analysts predict that the top cryptocurrency will see a price increase. Experts predict that when mining incentives are cut during halving events, there will be a supply shock that raises demand and raises the price of Bitcoin.
