Bitcoin price climbed to a high of $65,000 on Friday, hours ahead of the BTC halving event. Bitcoin halving countdown timer shows that the mining difficulty adjustment is 64 blocks away. Large holders and ETFs slow down their BTC acquisition and anticipate volatility around the halving. Bitcoin halving is a mining difficulty adjustment that halves the reward for mining a BTC block once every 210,000 blocks, which is roughly every four years.
Vetle Lunde, senior analyst at K33 Research, told Fortune that the compounding effect of the reduced BTC issuance takes months to materialize. Lunde, therefore, does not expect the halving to result in any meaningful rally, neither prior nor directly after the event. Lunde’s opinion is backed by analysts at Deutsche Bank, who state that “Bitcoin halving is already partially priced in by the market and we do not expect prices to increase significantly following the halving event.
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