Bitcoin (BTC) is on the verge of its fourth-ever halving event, scheduled to take place on April 20 when the block height reaches 840,000. People around the world, from crypto exchanges to influencers, are organizing live streams and physical events to celebrate this significant occasion, with hopes that it will trigger the next bull run in the cryptocurrency market.
During the halving event, the block issuance rewards for Bitcoin miners will be reduced by half, from 6.25 BTC to 3.125 BTC per block. This mechanism is designed to gradually decrease Bitcoin’s inflation rate until it reaches a maximum supply of 21 billion Bitcoin.
If you’re interested in joining an event that offers a retrospective of the past four-year cycle with fellow Bitcoin enthusiasts, you can check out BITC0IN’s Discord and YouTube channel, which has 68,700 subscribers. At this event, various Bitcoiners will have the opportunity to speak, and there will even be simultaneous poker games.
For those who prefer online parties, crypto traders are hosting private events. One notable trader, Oliver Velez, is starting his private online Bitcoin halving celebration with 2,000 guests just before the 840,000th block is mined, which is approximately an hour before the halving occurs.
If you can’t secure an invitation to a private event, you can still join the Bitcoin Halving livestream hosted by the crypto exchange Kraken. The livestream will feature well-known Bitcoiners such as Dave Portnoy, Jack Mallers, Dylan LeClair, Anthony Pompliano, and Pete Rizzo.
Pouch, a Bitcoin payments app in the Philippines, is also hosting an online halving party event and encouraging Bitcoiners to invite their friends.
For those who want to witness the mining of the 840,000th block, blockchain explorer websites like BTCScan or Blockstream allow you to monitor the progress.
There are even physical halving parties being organized around the world, including one in Switzerland hosted by the founder of Swiss crypto broker Bitcoin Suisse, and another in Brisbane, Australia, sponsored by Binance.
After the Bitcoin halving, analysts don’t expect much immediate impact. Karl Mohan, the Asia and Pacific general manager of Crypto.com, explained that investors should take a broader perspective and not expect instant results. Other analysts advise against worrying about short-term Bitcoin volatility and instead focusing on the long-term outlook.
Following the previous halving in May 2020, Bitcoin experienced a 5% dip one month later but eventually surged by 180% by the end of the year.
Many Bitcoin holders are expected to sell a portion of their holdings after the halving, similar to what happened when the Bitcoin ETF was announced earlier this year. Some experts predict a “buy the rumor, sell the news” pattern.
Despite the uncertainties, industry leaders remain optimistic about Bitcoin’s future. They believe that Bitcoin will continue to grow, reaching a six-figure price tag, possibly as early as next year, driven by regulatory developments, technological advancements, and favorable global economic conditions.