2024

Satoshi

Candle

Bitcoin

Samson Mow, the chief executive at Jan3, recently <a href="https://www.forbes.com/sites/digital-assets/2024/04/22/expert-predicts-potential-supply-shock-following-bitcoin-halving/" target="_blank" rel="noopener nofollow">spoke</a> to Forbes about the latest Bitcoin halving and its potential to catalyze what he refers to as the “Omega candles” – significant price movements that could elevate Bitcoin to the $1 million mark. 
According to Mow, halvings ensure a controlled distribution of Bitcoin, maintaining scarcity and value. 
<h2 id="the-mechanics-of-halving-and-its-market-implications">The Mechanics Of Halving And Its Market Implications</h2> 
Samson Mow detailed in the interview with Forbes the mechanics behind Bitcoin halvings—a critical process built into Bitcoin’s framework by its creator, Satoshi Nakamoto. 
<blockquote class="twitter-tweet"> 
 Omega Candle in sight! Omega Candle in sight! The <a href="https://twitter.com/hashtag/halving?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#halving</a> is proof that this system works, but it also means a supply shock is coming for any parties looking to buy large amounts of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a>. Check out <a href="https://twitter.com/Excellion?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">@Excellion</a>‘s comments on the recent halving in this <a href="https://twitter.com/Forbes?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">@Forbes</a> article by… <a href="https://t.co/xp23ulxQIJ" target="_blank" rel="noopener nofollow">pic.twitter.com/xp23ulxQIJ</a> 
 — JAN3 (@JAN3com) <a href="https://twitter.com/JAN3com/status/1782553489127706736?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">April 22, 2024</a>
</blockquote> 
This mechanism is designed to halve the block rewards given to miners every 210,000 blocks, or approximately every four years, reducing the reward by 50%. 
So far, the most recent halving has reduced the reward for mining from 6.25 BTC to 3.125 BTC per mined block. However, initially, miners received 50 BTC per block. 
Still, due to the halvings, this amount has decreased over time to manage inflation and extend the <a href="https://www.newsbtc.com/bitcoin-news/market-expert-predicts-new-paradigm-for-bitcoin-days-under-100000-numbered/" target="_blank" rel="noopener ">mining lifecycle</a> of Bitcoin’s capped supply of 21 million coins. If not for these halvings, the total supply of Bitcoin would have already been mined. 
In the same discussion, Mow highlighted the significant impact of newly approved spot-based Bitcoin ETFs, which received SEC approval earlier this year. He believes these ETFs, combined with the reduced block rewards from the halving, could precipitate a “supply shock” in the BTC market. 
Mow further speculated on the occurrence of what he calls “Omega candles”—large price movement events in the Bitcoin market. 
He noted that even before the recent halving, the daily demand for Bitcoin was significantly outstripping supply, predicting these Omega candles as almost <a href="https://www.newsbtc.com/news/is-the-bitcoin-bloodbath-over-analysts-say-60000-is-the-cycles-bottom/" target="_blank" rel="noopener ">certain events</a> due to their high volatility and substantial price changes. 
Mow views these developments as marking the beginning of a new era for Bitcoin, coinciding with its next, or fifth, halving in the coming four years. 
<h2 id="bitcoin-bright-future-and-market-performance">Bitcoin Bright Future And Market Performance</h2> 
Regarding positive sentiment on Bitcoin, Geoff Kendrick of Standard Chartered also <a href="https://www.newsbtc.com/news/bitcoin/standard-chartered-150000-bitcoin-price-target-year-end/" target="_blank" rel="noopener ">supports this bullish outlook</a>, projecting substantial inflows into BTC akin to those experienced by gold with the advent of gold ETFs. 
Kendrick suggests that the maturation of the spot ETF market could channel between $50 and $100 billion into BTC. 
However, despite the post-halving price not reaching the anticipated heights, BTC has demonstrated resilience and potential for considerable growth. Meanwhile, analysts remain confident, predicting significant long-term value increases. 
For instance, Michael Sullivan’s analysis suggests a <a href="https://www.newsbtc.com/bitcoin-news/conservative-projection-places-bitcoin-at-245000-in-5-years/" target="_blank" rel="noopener ">possible reach of $245,000 by 2029</a> if BTC maintains a 30% compound annual growth rate, underlining the optimistic projections shared by several market experts. 
This optimism is further supported by recent trends, including a 7.1% increase in Bitcoin’s price over the last week, which indicates&nbsp;a possible recovery on the horizon. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/TRJIWZfH/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
Featured image from Unsplash, Chart from TradingView

Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight

Mục lục

NewsBTC

Các bài viết khác được xuất bản trên 23 thg 4, 2024

Standard Chartered Predicts Delay in Ethereum ETF Approval

Fake letter claims Elizabeth Warren wants 1% crypto wealth tax

How High can Shiba Inu go this 2024?

Perplexity AI Raises $62.7M, Eyes $2B Valuation with New Funding

Can These 5 Cryptos Turn Your Investment into a Mountain of Wealth?

Vechain Price Prediction: Is VET Token Price Ready for a Breakout to $0.1?

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!