The fourth Bitcoin (BTC) halving event ushered in a period of increased excitement and expectations in the cryptocurrency market. Beyond being a significant change in Bitcoin’s underlying infrastructure, this event has also brought about a number of speculations about the cryptocurrency’s future in the market.
Halving ensures a controlled reduction of Bitcoin’s supply. Mining rewards are halved, halving the amount of Bitcoin that can be obtained per block. This means the available supply decreases and could theoretically cause the price to rise while demand remains constant. However, the effects of this halving could be far-reaching in the crypto market. For example, while this event usually causes short-term volatility in Bitcoin prices, it is thought that it can increase the price in the long term. Additionally, this effect may spread to other cryptocurrencies.
Prior to this event, institutional investors had increased their interest in Bitcoin. Large companies and financial institutions began to see Bitcoin as a type of asset and started adding it to their portfolios. This increased institutional acceptance of Bitcoin, attracting more investors to the market.
Besides Bitcoin, altcoins also attract attention. In the first quarter, many altcoins made significant gains, and this trend may continue after the fourth Bitcoin halving. In particular, community-oriented cryptocurrencies such as Dogecoin, which are called “meme coins”, attract attention after the halving. Dogecoin stands out for its unparalleled community support and social media engagement, making it popular among investors.
According to on-chain data, the meme coin has seen a gradual increase in addresses with non-zero value and currently stands at around 7.3 million. Dogecoin, in particular, has unwavering support from tech billionaire Elon Musk, along with his family of companies including X/Twitter social platform Tesla Inc and SpaceX.
According to popular crypto analyst Ali Martinez, Dogecoin price is showing various signs that the past bull cycle will repeat in the coming months. showed. Martinez, whose short-term target is $1 for the coming weeks, noted that the DOGE price is nearing the end of the last correction.
#dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.
Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks! pic.twitter.com/dEWeVWLIHR
— Ali (@ali_charts) April 21, 2024
It is noteworthy that the DOGE price forms higher highs (new highs higher than the previous high) and higher lows (new lows higher than the previous lows) on the weekly time frame, a classic feature of emerging markets. The biggest meme coin is currently trading at $0.16 after gaining nearly 10 percent in the last few days.
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