• Richard Knight wrote an article on June 7 about Halving.
• This article predicts what the Halving will do to the market and its impact on 2022-2023.
• Bitcoin Halving is scheduled to occur on May 22, 2024.

On June 7, Richard Knight — a crypto analyst — published a Medium article about the implications of the fourth Bitcoin Halving. Knight anticipates that there will be a continuing downtrend in market prices until the early 2023’s, and then the next bull rally in May 2023. Knight believes that we will see the market reach its bottom by November 2022 or December 2022.

These analysts believe that Bitcoin’s value will increase in the coming years, especially as it approaches its next halving. It is based upon its history as well as the outcome of the second and first halvings. Bitcoin’s price has not been at its best so far this year.

Not only was there a worldwide epidemic but the third Bitcoin halving also occurred amid regulatory speculation and increased corporate interest in virtual currencies. Given these additional uncertainties, it is difficult to predict where Bitcoin’s price will eventually settle.

Bitcoin Halving Chart. Source: Coin Metrics

The most important event in crypto is the bitcoin halving. Because there are less Bitcoins available, each bitcoin’s value increases and the price goes up.

Bitcoin must half in order to decrease the network’s production of new Bitcoins. It reduces the supply to guarantee Bitcoin’s scarcity and avoid severe price inflation at the same time.

The mining incentive at 50 BTC was in place when the blockchain operation began in 2008. The amount of the award was unchanged up to 210,000 blocks, when it was reduced in half. The procedure can be repeated after the additions of 210,000 more blocks. It happens once every four years.

About 2140 is the date when the last 21 million bitcoins will ever be mined. Therefore, there is no further bitcoin to be found. The halving session has ended.

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