Bitcoin next halving coming with lots of surprises but it is going to become a death for many miners. By death, I mean to say is many crypto miners are going to leave the job of mining. Because already the global mining industry is in debt of $4.5 billion to $6 billion and you know this is a huge amount and this can be only beneficial when the bitcoin price jump higher. Bitcoin halving is going to cut 50% of supply means fewer rewards for the miners.
As I said that mining industry is already in debt and another problem is rising electricity costs. As a holder, it is a big moment for me that world's biggest cryptocurrency's underlying code is going to rewrite. This is once in a four-year event and also the cycle run from this event. We have seen Bitcoin jump nearly 8,450%, 290%, and 560% In the last three occurrences in 2012, 2016, and 2020. And this is history is going to repeat again.
Many people who understand the Bitcoin cycle printed so much money from this strategy. Although I am not going to call it strategy because this is the learning and when you get enough knowledge of this cycle, you will definitely going to make money. bitcoin died multiple times but it again came back. Institutional investors understand this thing and that is why they always participate in Bitcoin die events. I mean they accumulate at this time and this is entry time for them.
Miners are going to lose because of the halving but their loss will be recovered in the Bitcoin rally because it has been seen that Bitcoin creates a new all-time high after the halving. and this is the hope for the miners and that is why they want to mine btc even with a loss. Bitcoin's all-time high was $68,789.63 and this happened after the halving event.
According to Kevin Zhan, bitcoin prices have to rise at least $50,000-$60,000 next year to earn a profit margin for the miners and I think this is definitely going to happen because the last all-time high was around $69 k and we have seen that bitcoin always cross the previous all-time high. so that is why we can expect that Bitcoin will go above $ 69k.
Although, this is not guaranteed because as you can see that in some halvings, bitcoin has not rallied at an extreme level. But still, we can expect to break at least the previous all-time high record. We also need some solid news like BlackRock ETF approval because it is still pending and it is up to SEC. They can pass or reject the ETF. However, BlackRock is a well-reputed company so there is less chance to be rejected. Must share and reblog this post.
Thank you, everyone.
Lucky Ali
Image source
| 👇 | ||
|---|---|---|
| Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
