Greetings to you all!
Bitcoin halving and it's effects on steem rate in present and past and on overall market we are going to discuss here.....
Bitcoin halving is basically an event in Crypto world in which bitcoin rewards becomes 50% limited in their supply to their miners so if a minor is earning or receiving one bitcoin as a reward of validating one block then at the time of Bitcoin halving he would be able to receive 0.5 Bitcoin so if he will validate two blocks then he will receive one bitcoin as a reward this is just an imaginary example.
Bitcoin halving means cut down of 50% of its supply so when supply of anything go towards decline then its demand often increase so this is same case with Bitcoin that in this way or due to occurrence of this event demand of Bitcoin increase and it attracts more traffic that's why price of Bitcoin and value of Bitcoin automatically pumps and as Bitcoin is one of the top cryptocurrency so other cryptocurrencies also have significant effect of this event.
Bitcoin creates ripple effect on other cryptocurrencies when Bitcoin pumps because people attracts towards the market and field market more safe because they thinks that if Bitcoin is progressing then it is very definite then other cryptocurrencies would also pumps one day which would be very helpful or beneficial for them in later.
As we all know that Bitcoin is dominant in market that's why dominance of Bitcoin and its performance can set a broad market sentament either performance is regarding pump or dump so if performance is towards pump then definitely it will attracts investors and also affect other cryptocurrencies in positive way and if there would be dump in Bitcoin then there are more chances that other cryptocurrencies also have significant negative effects.
Still if a person want to invest in crypto market then that person should not rely upon others because self research is very important before investing in anything in Crypto world as Crypto world is very unpredictable and uncertain.
Bitcoin halving we all know is to half the rewards of miners who mines Bitcoins and this event occurs after every 4 years as last time it was occurred on 11th May 2020, and now it is going to be occured in 2024 ,March.When Bitcoin halving occured in 2020 then half Bitcoins was eliminated from supply and due to less supply it increases or pumps the price of BTC and sane thing was happened in 2020 at BTC halving event time.You can also see it in the screenshot that how Bitcoin affects at the time of halving event in 2020.BTC pump was for long term at that time as you can clearly see in screenshot.
If we talk about effect of BTC halving in 2020 on steem rate then a little bit affect we can see on steem rate after technical analysis.Right after some days of Bitcoin halving there was a little positive effect on steem rate and I have shown that short term effect with a short arrow and long term effect also occured and that was also not a huge effect,it was also little effect which I have shown through long arrow.
We all know that in crypto world predictions are very tough because they are very uncertain and volatile and we can't give guarantee of our predictions but still by using perfect tools we can predict in right way and sometimes they also becomes very true So according to my knowledge I also tried to predict next Bitcoin halving effect on steem rate in 2024.So let's have a look at my predictions.
Currently,steem rate is revolving around $0.16 but through my predictions I can see and increase in a gradual way within some months and I can see and immediate increase in rate of steem at the time of Bitcoin halving and most probably after some days of halving.
My predictions are that Steem rate would reach at minimum of $0.22 at the end of 2023 or something at the start of 2024 and there could be a huge increase in the rate and it could reach around $1 in April 2024 as a result of Bitcoin halving.
We can just hope for the best but it was the predictions according to my knowledge and information that I have but for final and authentic information we have to wait for 2024 and BTC halving time but hopefully there would be a big surprise for all crypto investors and traders after this BTC halving.
There are different advantages and disadvantages of Bitcoin halving.
Advantages:
1️⃣ Inflation reduction:
Bitcoin halving helps in reducing the rate at which Bitcoins create before that event so in this way inflation also remained limited and more investors also attract in this way due to limited supply and increase in rate or demand.
2️⃣ Scarcity improvement:
Bitcoin supply becomes limited when Bitcoin halving occurs after every 4 year so exclusivity and increase in price of Bitcoin becomes more dominant day by day and in this way scarcity improves and people consider it as an advantage when a coin become more valueable after that event.
3️⃣ Market Confidence:
Bitcoin is considered as top cryptocurrency in Crypto world and there is nothing wrong in it to say that it is at number 1 so when this top cryptocurrency price increase then investors becomes more confident due to market improvement and in this way investment increase all over the Crypto market.
Disadvantages:
1️⃣ Difficulty while mining:
Bitcoin halving on the other hand is very disadvantageous for miners especially because when this event happens after every 4 years then miners thinks that it is less profitable to mine Bitcoin as their rewards reduce to 50% so it leads to consolidation in industry of mining of BTC.
2️⃣ Uncertainty and Volatility:
Crypto world is famous due to fluctuations uncertainty and volatility so Bitcoin halving is something that contribute to that so after the happening of that event their could be different fluctuations could be seen by everyone so thing that make it harmful are the risks for those investors who don't prepare their self mentally for such price fluctuations in a sudden way.
3️⃣ Manipulation in market:
In Crypto world ,market is not really much immune to manipulation but hype that creates due to Bitcoin halving event can make manipulators more alert so that they may take an advantage of it by manipulating the market in their own way for their personal gains so in this way investors find it very challenging to make any decision.
Everything have their pros and cons so by reading a single article about pros and cons of something we should not change our decision because self search is always important whenever you are going to take a decision in Crypto world.
I want to invite here 😀
@sduttaskitchen
@suboohi
@chant
@waterjoe
Me gusta tu pronóstico desde otra perspectiva apuntamos hacia el mismo lugar. Espero que para el próximo halving Steem tenga una mejor posición que las dos veces anteriores.
Gracias por compartir.
Mucha buena suerte y éxitos.
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Thank you so much for stopping by my post and I'm happy if you like my forecast from another perspective as well as it's good if you are hopeful because hope is something that should always exist because if we hope for positivity then it will attract positivity and if we hope for negative then it would attract negativity definitely.
For authentic effects we should wait for some time and I agree that in the next event which is going to be happen in 2024 steem rate would be surprising
I also visited your entry and I want to say good luck and success to you also
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Sería genial ver el steem con un valor mínimo de 1$ esperemos que se vea beneficiado al acercarse el halving y después también.
Tu pronóstico es muy real y aceptable así que se puede confiar en tus predicciones .
Te deseo mucho éxito en tu participación
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$1 price of steem is something that I can just imagine few months ago but now when I predict then it really surprise me and I am really very hopeful about it that next year we will see it in this way.
In proper way I don't know technical analysis but I made a lot of effort in understanding them by consuming some of my hours and then I tried to predict rate of next year and now I am also confident that my predictions are not wrong and it seems to be very true next year.
__
I also visiting your entry which was quite informative and I want to say Good luck to you again and want to say thanks to you that you give your time to my post
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Greetings friend
It is incredible the relationship that Bitcoin has with other currencies and that the person who created it did so intelligently, although there were certain losses but it is to later increase its value.
We Steemians hope that our currency also gains momentum and rises to at least $1, thanks for the analysis and for sharing.
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Good morning friend
Thank you so much for giving your time to my post and liking my content and yes it is incredible that relationship which Bitcoin have with other cryptocurrencies but it is true also and acceptible thing for everyone that Bitcoin have a direct relation with other currencies means if there is something positive happening with Bitcoin then other currencies would also affect positively and if something negative happening with Bitcoin then other currencies would also affect negatively in most of the cases.
Steemians should always hope for the best as you say that we are hoping for the price of next year to reach at least one dollar and our technical analysis also says true.
I wish good luck and success to you
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Hi sehar,
Apka kia hall chal ha umeed ha k ap khiriyat se hongi. Apny is topic ko bht achy tareeqy se cover kia ha or mje ye dekh kar kafi kuch sikhny ko mila ha.
Apny halving k bary me btaya ha joky kafi acha biyan kia gaya ha. Aj mje ek or chz pata chali wo ye ha k ap bht acha analysis kar leti hain. Apka analysis kafi acha ha.
Apny faidy or nuksannat b btay hain unko par kar b kafi imal mila ha. Apny kafi tehqiq ki ha or mje achy ki umeed ha, bs mehnat karty raho.
Hamary sath share karny ka dil se shukria. Khuda kamyab kary.
Have a nice day sister..
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Mujhe Apni post per aapka comment dekh Kar Dili Khushi Hui aur mujhe Khushi hui ki aapko meri post dekhkar yah mahsus hua ki maine har question ko bahut acchi Tarah se explain karne ki koshish ki hai aur iske Piche Meri bahut sari efforts Hain.
Agar Main technical analysis ki baat karun to mujhe yah post karne se pahle iske bare mein bahut jyada Idea nahin tha lekin Maine isko majeed behtar karne ke liye bahut sare ghante mehnat ki hai jiske bad main yah predictions karne mein kamyab Hui hun aur aapane bilkul theek kaha ki hamen hamesha acche ki ummid rakhni chahie.
Meri taraf se bhi aapke liye yahi advice hai ki aap bhi hamesha ki Tarah mehnat karte Rahe Taki Allah aapko bahut jyada kamyabi Ada Karen meri post per comment karne ka बहुत-बहुत shukriya...
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