The Fourth Bitcoin Halving: What You Need to Know After Two Days
Two days have passed since the fourth Bitcoin halving, yet there is little news on the price trend of BTC post-event. While an immediate price surge was not expected, neither was a retracement. However, as of now, there is no significant news regarding the post-halving scenario.
Increased Fees After Bitcoin Halving
– The most noteworthy information post-halving is the substantial rise in fees, which has already normalized.
– The launch of the Rune protocol during the halving sparked a surge in on-chain fees.
– Average daily transaction fees peaked at almost $130 on Saturday, dropping to below $35 the next day.
– The median fees also experienced fluctuations, reaching over $92 before falling below $20.
– Currently, a simple on-chain transaction can be approved for $12 within two blocks and less than $10 within an hour.
The Miner Dilemma Post-Halving
– Many anticipated challenges for miners following the sudden reduction in rewards after the halving.
– Miners had prepared for this event well in advance and saw increased earnings initially due to higher transaction fees.
– However, average fees per block have now returned to normal levels, resulting in decreased earnings.
– Despite a drop in daily earnings by almost 30%, the mining cost for BTC remains profitable.
Price Trends of Bitcoin Post-Halving
– Market expectations post-halving were mixed, with many predicting a drop in BTC price.
– Price movements witnessed fluctuations, with slight increases and decreases.
– The market seems to have discounted post-halving effects in the days leading up to the event.
– A brief retracement occurred before the halving, but it was short-lived and insignificant.
– Further corrections or retracements are possible, but current signals are unclear.
Expert Forecasts for Bitcoin
– Analysts, such as Gracy Chen from Bitget, believe this halving is unique and challenging to predict due to market developments.
– Chen mentioned the evolving regulatory landscape, technological advancements, and positive market sentiment as factors influencing future predictions.
– Despite the unpredictability, Chen predicts a six-figure Bitcoin price in the near future, possibly by next year.
– Strengthened regulatory frameworks, technological innovations, and favorable macroeconomic conditions could drive Bitcoin prices above $100,000 post-2024.
Hot Take: Evaluating the Fourth Bitcoin Halving
The fourth Bitcoin halving has concluded, showcasing interesting trends and challenges for miners and investors in the cryptocurrency space. With fees fluctuating, miners adapting, and prices remaining somewhat stable, the post-halving environment presents a mix of opportunities and uncertainties. Analysts’ forecasts signal potential growth for Bitcoin, but the market remains unpredictable. As you navigate through the aftermath of the halving, stay informed, vigilant, and ready to seize opportunities as they arise.
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