Bitcoin will undergo its fourth halving process from April 18th to 21st. There will always be only 21 million Bitcoins. Currently, there are more than 19.6 million BTC tokens in circulation. Bitcoin’s anonymous founder, Satoshi Nakamoto, added pre-programmed halvings to the network to slow down the regular addition of new BTC tokens. This event occurs approximately every four years and has had a lasting impact on the cryptocurrency market and related industries. Ahead of the Bitcoin halving event in 2024, professionals in the Indian Web3 community have tried to predict some of the expected changes that investors can expect ahead of the upcoming period of volatility.

BuyUcoin CEO Shivam Thakral said in an interview with Gadgets 360 that historical precedent shows that halving may catalyze major changes in the crypto market, leading to changes such as Bitcoin price decline and market dominance. However, this period is expected to be fruitful for other cryptocurrencies.

“After the halving, the price of Bitcoin may experience a short-term correction or decline. Looking at previous cycles, we may see a significant decline in Bitcoin’s dominance, coupled with a surge in interest and investment in altcoins. Aftereffects of the Halving It will continue to show up for up to 12-18 months after the event,” Thakral said.

The halving event for the world’s most widely used cryptocurrency is automatically triggered every 210,000 blocks mined on the blockchain. This process cuts in half the Bitcoin rewards miners receive for validating blockchain transactions, reducing their incentive to mine new blocks quickly. This slows down the addition of new coins into circulation. The upcoming halving will reduce miner rewards for each mined block from 6.25 BTC to 3.125 BTC.

Market experts also highlighted the services that will play a key role in sustaining security vendors for crypto-related services in the future. Manhar Garegrat, Head of India and Global Partnerships at Liminal, said: “It is important to acknowledge that custody services play a vital role in ensuring the security of digital assets, especially during events like the Bitcoin halving that can amplify price fluctuations and activity Period.” Hosting Solutions told Gadgets360.

Garegrat believes that as more investors soon start investing in cryptocurrencies, cryptocurrency custodians should use advanced encryption methods, multi-factor authentication and continuous monitoring systems to protect cryptocurrency reserves from cyber threats and unauthorized Authorized access. While Bitcoin and Ethereum prices fell, Litecoin, Near Protocol, Elrond and Iota all rose in value on Thursday. Bitcoin recently hit an all-time high of $73,000 (approximately Rs. 6.09 million) and is currently trading at $61,515 (approximately Rs. 5.13 million).

Market researchers predict that the price of the oldest cryptocurrency will surge severalfold in the long-term effects of Bitcoin’s halving. “It is worth noting that despite positive market sentiment, there is still a risk of a correction in Bitcoin prices due to macroeconomic uncertainty. If the cryptocurrency space maintains its historical record, then we expect Bitcoin to surge in 10-18 months to a new ATH of around $100,000 (approximately Rs. 8.35 crore),” Jyotsna Hirdyani, Head of South Asia at Bitget told Gadgets360.

Hirdyani further noted that the BTC halving will lead to a decline in Bitcoin held by miners, signaling a shift in strategy to profit-taking and operational upgrades amid Bitcoin’s recent rally to all-time highs. She added: “Nonetheless, many expect the bullish trend to continue, leading to the halving due to the scarcity narrative inherent in Bitcoin’s design.”