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Veteran Trader Peter Brandt Thinks Bitcoin (BTC) Halving Is Non-Event and Way Overrated

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Tue, 21/03/2023 - 13:05
Veteran Trader Peter Brandt Thinks Bitcoin (BTC) Halving Is Non-Event and Way Overrated
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BTC halving is one of the most eagerly anticipated events in Bitcoin's history. The event where the reward for mining new blocks is halved remains the core feature of Bitcoin's programmatic monetary policy.

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The potential impact of halving events remains an often-discussed subject in the crypto space.

Veteran trader Peter Brandt, however, thinks that Bitcoin halving is a non-event and way overrated. The veteran trader did not provide any reason for this deduction, but his preceding tweets may provide some context.

Brandt was reacting to trader "Big Cheds" tweet that Bitcoin was unlikely to reach $50,000 or even $1 million in the next 90 days (referring to former Coinbase CTO Balaji Srinivasan's BTC prediction).

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The veteran trader responded that all predictions were just guesses. He predicts Bitcoin is 12 months away from new ATHs.

In response to Peter Brandt's prediction, a Twitter user asked, "Aligns with the halving date, coincidence?" Brandt thus responded, "Halving is way overrated and a non-event."

Bitcoin's fourth halving event

Bitcoin is nearing yet another milestone: its fourth halving event, or the fourth protocol-designed 50% drop in block rewards that happens every 210,000 blocks (roughly every four years).

As reported, on-chain analyst and Capriole Fund founder Charles Edwards believes the market is in optimal halving cycle timing where Bitcoin typically bottoms.

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"Like clockwork, Bitcoin has bottomed in the window 12-18 months prior to every halving in the past," Edwards stated, pointing out that January might be the start of the bull market for Bitcoin.

In the third halving epoch, Bitcoin miners receive a reward of 6.25 BTC per block. Around block 840,000, or about May 4, 2024, Bitcoin will go through its fourth scheduled halving, where the per-block reward will be halved to 3.125 BTC.

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