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Bitcoin halving set to occur this weekend: What the event means for the crypto market

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Bitcoin halving scheduled for this weekend - here's how it will impact the crypto market

The cryptocurrency community is anticipating the Bitcoin halving event scheduled for this weekend, with projections suggesting it will occur late Friday or early Saturday. The halving event marks a significant alteration in the blockchain technology of Bitcoin, reducing the rate of new bitcoin generation. This will be the fourth halving event in Bitcoin’s history, where the reward for mining will decrease to $3.125 per block.

The recent geopolitical tensions between Iran and Israel have added uncertainty to the market, leading to a significant drop in Bitcoin’s price. On Friday, Bitcoin experienced a decline of over 5.5%, falling to $59,961 during the Asia session. Despite this, experts remain optimistic about the long-term outlook for Bitcoin and the wider crypto market.

Experts believe that the halving event could impact Bitcoin’s price by increasing scarcity and attracting new investors to the market. Historically, Bitcoin has experienced a rally approximately 60 days before the halving, followed by a retrace period around 28 to 14 days before the event. After the halving, Bitcoin typically enters a phase of reaccumulation before experiencing a significant upward movement in price.

Rajagopal Menon, VP of WazirX, mentioned that while the general consensus is that prices should rise due to the supply shock from the halving, geopolitical events could still cause market fluctuations. Despite the uncertainty, the cryptocurrency community remains optimistic about the potential impact of the upcoming Bitcoin halving event on the crypto market.

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