April 19 2024 – The Bitcoin halving – likely on Friday or Saturday – will be a ‘price non-event’, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.
The prediction from Nigel Green of deVere Group comes as the halving is expected to take place on April 19 or 20, depending on the exact current rate at which Bitcoins are created.
Bitcoin halving is a programmed event that occurs approximately every four years, reducing the reward miners receive for validating transactions by half. This mechanism ensures scarcity and controls inflation in the Bitcoin network.
With each halving, the rate of new supply entering the market decreases, making Bitcoin increasingly scarce over time.
The deVere CEO says: “Despite it being one of the biggest moments in crypto, the halving is likely not to move the needle too much in terms of values.
“Indeed, it’s likely to be a major price non-event.
“Investors, traders, and speculators, priced-in the halving months ago.
“As a result, a significant portion of the positive economic impact was experienced previously, driving up prices to fresh all-time highs last mont.”
Bitcoin reached a new all-time high price of $75,830 on March 14 2024.
He continues: “The effects of the halving are not confined to the day it happens.
“Instead, they unfold gradually over time, influencing market dynamics – and, as history teaches us, driving the price upwards – in the months and years following the event.
“The reduction in the rate of new supply leads to a more pronounced scarcity, reinforcing Bitcoin’s status as a store of value asset.
“This long-term narrative often plays a more significant role in shaping investor sentiment and price tr
