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Bitcoin...Multimillion Dollar Market
Bitcoin price discussion and analysis
- Thread starter greggles
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(Sarcasm)
Bailxtrader
Australian Republic Today
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Bailxtrader
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Here's something I don't really understand. And was wondering does anyone know about Bitcoin Halving in April 24. What doe's it mean for the price of Bitcoin?
Here's a snip-it of intel I have obtained, but I still can't make heads or tails of it all!
This analysis will break down the underlying mechanics of the halving, explain how it can impact Bitcoin's price, and review key considerations for the upcoming April 2024 halving.
Supply
Bitcoin's supply is capped at a total of 21 million units. However, each Bitcoin can be divided into smaller fractions. The smallest fraction is 100,000,000th of a Bitcoin, known as a Satoshi, named after Satoshi Nakamoto, the anonymous founder of Bitcoin. Bitcoin is often praised for its fixed supply of 21 million coins, but it is important to note that this is the ultimate total. Currently, the supply is still increasing at a decreasing rate on a preprogramed schedule independent of any central authority. There is a similar dynamic at play with physical gold: gold's total reserves are finite, but the marketable supply incrementally rises through gold mining. The difference with Bitcoin is that increased demand cannot lead to increased production or extraction.
Mining
Bitcoin mining is the process of validating transactions and introducing new Bitcoins into circulation. Just as Mastercard processes transactions through its network and charges a fee for doing so, Bitcoin has its own network where miners use specialised machines to process transactions. However, unlike Mastercard, the Bitcoin network also generates new Bitcoins, increasing the current circulating supply of the asset.
The transactions processed by the Bitcoin miners are grouped together in batches called blocks that contain roughly 2000 transactions each and occur approximately every 10 minutes. Bitcoin miners are rewarded with Bitcoin for their work in processing transactions, also known as a block reward. This reward is made up of two components, newly issued Bitcoin and transaction fees paid by users of the Bitcoin network. Currently Bitcoin miners collectively receive 6.25 Bitcoin per block, or about 900 Bitcoin per day.
Halving
The halving is a pre-programmed event built into Bitcoin's code that ensures that every 210,000 blocks (approximately four years) the amount of newly issued Bitcoin is cut in half. At the time of writing the halving is estimated to occur on April 16th, 2024. The reason this is an approximation only is because of the variability of the mining algorithm. The time required to mine a block is not fixed. It can fluctuate depending on factors such as the number of miners. When the halving occurs in April the block reward will fall from 6.25 to 3.125 Bitcoins. The rate at which Bitcoin's supply is increasing is currently around 1.75% per annum. Following the upcoming halving this rate will decrease to around 1.1% per annum.
Conclusion
The mechanics inherent to the Bitcoin halving might possess the potential to fuel bullish price movements in a short term, as evidenced by Bitcoin's mechanics and prior halving cycles. However, as with previous halving events, downside catalysts persist, including the looming risk of global financial instability and unforeseen black swan events. Nonetheless, this halving is juxtaposed with promising new catalysts for upside potential. The Bitcoin ETFs continuing to gain traction would be one such catalyst. Additionally, institutional adoption and further embrace from nation states (following the lead of El Salvador and the Central African Republic) would potentially serve as bullish factors.
Although the upcoming halving may carry significance for the Bitcoin ecosystem, it won't solely determine its price trajectory in the months ahead. Bitcoin's value is influenced by numerous market factors, prompting investors to study Bitcoin thoughtfully and adopt a comprehensive approach when evaluating this novel asset. Regardless of the scenario, both investors and non-investors will continue to adjudicate Bitcoin's technical efficacy and grapple with its real-world implications.
Here's a snip-it of intel I have obtained, but I still can't make heads or tails of it all!
This analysis will break down the underlying mechanics of the halving, explain how it can impact Bitcoin's price, and review key considerations for the upcoming April 2024 halving.
Supply
Bitcoin's supply is capped at a total of 21 million units. However, each Bitcoin can be divided into smaller fractions. The smallest fraction is 100,000,000th of a Bitcoin, known as a Satoshi, named after Satoshi Nakamoto, the anonymous founder of Bitcoin. Bitcoin is often praised for its fixed supply of 21 million coins, but it is important to note that this is the ultimate total. Currently, the supply is still increasing at a decreasing rate on a preprogramed schedule independent of any central authority. There is a similar dynamic at play with physical gold: gold's total reserves are finite, but the marketable supply incrementally rises through gold mining. The difference with Bitcoin is that increased demand cannot lead to increased production or extraction.
Mining
Bitcoin mining is the process of validating transactions and introducing new Bitcoins into circulation. Just as Mastercard processes transactions through its network and charges a fee for doing so, Bitcoin has its own network where miners use specialised machines to process transactions. However, unlike Mastercard, the Bitcoin network also generates new Bitcoins, increasing the current circulating supply of the asset.
The transactions processed by the Bitcoin miners are grouped together in batches called blocks that contain roughly 2000 transactions each and occur approximately every 10 minutes. Bitcoin miners are rewarded with Bitcoin for their work in processing transactions, also known as a block reward. This reward is made up of two components, newly issued Bitcoin and transaction fees paid by users of the Bitcoin network. Currently Bitcoin miners collectively receive 6.25 Bitcoin per block, or about 900 Bitcoin per day.
Halving
The halving is a pre-programmed event built into Bitcoin's code that ensures that every 210,000 blocks (approximately four years) the amount of newly issued Bitcoin is cut in half. At the time of writing the halving is estimated to occur on April 16th, 2024. The reason this is an approximation only is because of the variability of the mining algorithm. The time required to mine a block is not fixed. It can fluctuate depending on factors such as the number of miners. When the halving occurs in April the block reward will fall from 6.25 to 3.125 Bitcoins. The rate at which Bitcoin's supply is increasing is currently around 1.75% per annum. Following the upcoming halving this rate will decrease to around 1.1% per annum.
Conclusion
The mechanics inherent to the Bitcoin halving might possess the potential to fuel bullish price movements in a short term, as evidenced by Bitcoin's mechanics and prior halving cycles. However, as with previous halving events, downside catalysts persist, including the looming risk of global financial instability and unforeseen black swan events. Nonetheless, this halving is juxtaposed with promising new catalysts for upside potential. The Bitcoin ETFs continuing to gain traction would be one such catalyst. Additionally, institutional adoption and further embrace from nation states (following the lead of El Salvador and the Central African Republic) would potentially serve as bullish factors.
Although the upcoming halving may carry significance for the Bitcoin ecosystem, it won't solely determine its price trajectory in the months ahead. Bitcoin's value is influenced by numerous market factors, prompting investors to study Bitcoin thoughtfully and adopt a comprehensive approach when evaluating this novel asset. Regardless of the scenario, both investors and non-investors will continue to adjudicate Bitcoin's technical efficacy and grapple with its real-world implications.
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Bailxtrader
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I don't trade Bitcoin because I never understood it. But now I have a better understanding. Might look into trading come April.
Thanks for the conformation...
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Currently tightly correlated to the NASDAQ
It trades as a (very volatile) risk asset. This is contra the narrative of the BTC bulls which maintain the BTC 'fundamentals'.
jog on
duc
It trades as a (very volatile) risk asset. This is contra the narrative of the BTC bulls which maintain the BTC 'fundamentals'.
jog on
duc
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Same can be said of any brand of permas tbh . BTC is to be traded of price ( technicals ) and not much else in my world , Price is always king in this space .
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Significant (14% so far) pull-back in BTC. With it's halving event happening in April I think this is a BTD opportunity. I'll be monitoring this chart for an hourly 123L reversal signal.
I won't be buying BTC, I prefer to trade BTC holding companies and BTC ETFs on the US markets (MSTR, BITO etc).
I won't be buying BTC, I prefer to trade BTC holding companies and BTC ETFs on the US markets (MSTR, BITO etc).
Last edited:
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Those 2 are the last 2 people on earth id listen to as far as anything Bitcoin goes tbh . Rug Pull famously gets uber bullish at swing highs over and over and his record on treasury futures is no better . Schiff is a broken clock perma gold bull thats right once in a blue moon Just on Monday RP blurted out how bullish he was Solana and it almost perfectly marked a perfect short term swing high where SOL got sold of brutally losing 20% in no time . Hard pass on anything those 2 blurt out
Value Collector
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the sad part is that so many young people are believing the nonsense that people like these two are saying, and buying gold or Bitcoin and avoiding real investments.
Schiff has been talking down the economy for the last 16 years, mean while it’s been doing great, and the people that followed his advice have done mediocre at best.
Bailxtrader
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A bit of Hype 
One of the greatest investors of our time, Kathy Wood is predicting a 7,200% gain for a little-known Next-Generation crypto coin.
If she's right and you invested $10,000, you'd profit $720,000.
Top crypto expert Ian King is making this same call too.
His team spends millions of dollars a year researching where the money is flowing - and the data is showing that this Next-Generation coin has the potential to be 20x bigger than Bitcoin.
PLUS they discovered three other coins set to grow by 10,000%...
1. The Google of crypto
2. The Amazon of crypto
3. The Metacoin
And another called “Banking 2.0” set to grow by 1,000%...
pro.banyanhill.com
One of the greatest investors of our time, Kathy Wood is predicting a 7,200% gain for a little-known Next-Generation crypto coin.
If she's right and you invested $10,000, you'd profit $720,000.
Top crypto expert Ian King is making this same call too.
His team spends millions of dollars a year researching where the money is flowing - and the data is showing that this Next-Generation coin has the potential to be 20x bigger than Bitcoin.
PLUS they discovered three other coins set to grow by 10,000%...
1. The Google of crypto
2. The Amazon of crypto
3. The Metacoin
And another called “Banking 2.0” set to grow by 1,000%...
The Next Gen Coin
pro.banyanhill.com
Bailxtrader
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Interesting to see how Bitcoin fairs in the coming months. With a halving session to occur in April, promoting the bull market. Lately the Bears have been in control. watching the retreat of 70k to the 60k mark makes me wonder will we be buying at 50k come April Halving Event. Concerned to see how Bitcoin reacts to Aprils Halving Event.
The daily chart shows that Bitcoin is falling for a fifth day, which is a bearish sequence not seen since September. Momentum suggests Bitcoin bears will try to drive this down to $60k over the near-term, but this is a level I suspect will hold. At least initially.
The daily RSI (2) is within oversold for a second day – a threshold it doesn’t tend to stay in for very long. I therefore suspect the closer Bitcoin falls to $60, the greater the odds of a bounce. This could allow bulls to seek dips above this key level with a stop below (and let’s be honest, dip buyers are likely lurking somewhere).
I would then be seeking evidence of a swing high or periods of consolidation around one of the historic ‘ATHs’ to either book potential profits, or seek bearish setups in line with the weekly bearish bias.
A break below $60k could open up the trap doors given the relatively light trading volumes, which brings the high-volume node into focus around $52k.
The daily chart shows that Bitcoin is falling for a fifth day, which is a bearish sequence not seen since September. Momentum suggests Bitcoin bears will try to drive this down to $60k over the near-term, but this is a level I suspect will hold. At least initially.
The daily RSI (2) is within oversold for a second day – a threshold it doesn’t tend to stay in for very long. I therefore suspect the closer Bitcoin falls to $60, the greater the odds of a bounce. This could allow bulls to seek dips above this key level with a stop below (and let’s be honest, dip buyers are likely lurking somewhere).
I would then be seeking evidence of a swing high or periods of consolidation around one of the historic ‘ATHs’ to either book potential profits, or seek bearish setups in line with the weekly bearish bias.
A break below $60k could open up the trap doors given the relatively light trading volumes, which brings the high-volume node into focus around $52k.
A bit of Hype
One of the greatest investors of our time, Kathy Wood is predicting a 7,200% gain for a little-known Next-Generation crypto coin.
If she's right and you invested $10,000, you'd profit $720,000.
Top crypto expert Ian King is making this same call too.
His team spends millions of dollars a year researching where the money is flowing - and the data is showing that this Next-Generation coin has the potential to be 20x bigger than Bitcoin.
PLUS they discovered three other coins set to grow by 10,000%...
1. The Google of crypto
2. The Amazon of crypto
3. The Metacoin
And another called “Banking 2.0” set to grow by 1,000%...
The Next Gen Coin
@Bailxtrader
So can you tell us what the little-known next-generation coin is please?
Couldn't find anything on that website you linked...
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Well theres ya problem right there.A bit of Hype
One of the greatest investors of our time, Kathy Wood
I
Mick
Value Collector
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This is why I cringe when people say they are "Investing" in bitcoin, the correct term is speculating. The sad part is many people know they need to start investing, but they mistake investments with speculations, and when they eventually lose, they lose faith in Investing in general and become cynical.
It's impossible to "invest" in bitcoin, you can only speculate.
It's impossible to "invest" in bitcoin, you can only speculate.
Bailxtrader
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A bit of a trick question for those who trade Bitcoin. Got an alert on MACD Divergence chart, that Bitcoin in crossing down at present. I was surprised about this, because I considered Crypto Currency and Forex only traded Monday to Friday . I'm talking BTC/USD and was wondering as it appears but anyway does BTC trade 7 day a week?
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For as long as ive watched Bitcoin ( many years ) it has always traded 24/7
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