Bitcoin Halving and Market Sentiments

Halving is going to be one of the biggest events for Bitcoin this year and looks like we are already on the crash for the event. We are just 33 days away from the Halloween event and if we talk about the number of blocks then it is less than 500 blocks left for the halving. I hope we are aware of what a halving event is and what impact it is going to bring in the Bitcoin reward. As the word itself is self-explanatory it cuts the reward which is going to be by 50% for the miners. Miners are the ones who mine Bitcoin blocks and they are rewarded for their proof of work. When their reward is reduced then it is obvious that the cost of Bitcoin will also go high, and it is anticipated that the price of Bitcoin will rise post the reward reduction.

Bitcoin Halving

The recent Bitcoin move has been significant, and it was not expected but it happened. We're not in the bull run market cycle as of now but looks like we are going to be in soon however the kind of rally we have seen for Bitcoin or Ethereum price is significant.

Here is the countdown for the Bitcoin halving 2024 and as of now we are away by 33 days and 14 hours approximately. It's like slightly more than a month we are away from the event and then bulging will happen it will cut the reward from 6.25-bitcoin per block to 3.125 Bitcoin per block. This is a big reduction on the reward and I'm sure that minus will be affected immediately but there is a good thing that once the price goes up then there will be no reduction in their reward. As people are anticipating that Bitcoin is going to be worth $100,000 then this reduction will not be affecting the miners at all. The cost of Bitcoin will also be approximately 60K U.S. dollars post halving and as of now, it is approximately 30 or 35K USD.

src

Market Now

The market is down and if we look at the top five coins as per the market cap you will be able to see red colour everywhere at least in 24 hours window. Now the question is are we good to go in this situation of market? I think this is normal because it's not the first time we have seen such a value drop in the market and it was expected to happen. No market can go up continuously and a correction is always expected after a bigger spike. It's hard to say how long it will stay or will it draw further but if it drops then I think it is an opportunity for us to bag more bitcoins or other coins that you are planning for.

src

I believe that DCA is the best strategy to invest in even now because when the price goes up then also it will buy however when it goes beyond your target then you can put a pause but if you keep it on then it is also not a problem because the average price is going to be pretty low. I was expecting this crash and I think there will be more drop in the value I expect the Bitcoin price to be around 60K US dollars whereas Ethereum is also expected to be around 3000 USD. My DCA is ongoing on Bitcoin and Ethereum and this is how I am trying to grab more of both coins because I know in the long run both will be profitable even now when we have seen their all-time high prices recently.

As far as my strategy is concerned, I will continue to invest, and this price drop is not going to change any of my strategies. This market is for the long term and obviously in between you will see many ups and downs which should not be affecting the plan, and this is now the first time I can say I'm surely not the last time. We will always see this type of situation in the market when the price will continue to increase for some time and then a certain dump can also be seen in the market and this is how this market works. If you are new in the market then get yourself familiarised with such scenarios in the market and then only you will be able to make money but if you get panic in such a situation then this market is not for you. It's like just enjoying the momentum and keep on buying at low prices with a long-term mindset and surely you will be able to get better returns.

Thank you

Posted Using InLeo Alpha