Best Crypto to Buy Now April 19 – Bitcoin, Dogwifhat, THORChain
With the Bitcoin halving now just hours away, investors are asking whether BTC is the best crypto to buy now.
BTC’s issuance rate to miners will drop by 50% in just over 8 hours, as per nicehash.com. It will fall from the current 6.25 BTC tokens per block to 3.125 BTC tokens per block.
The Halving is Coming. #Bitcoin pic.twitter.com/JCD677j4Md
— Michael Saylor⚡️ (@saylor) April 19, 2024
This will reduce Bitcoin’s annual inflation rate to around 1%. And, in the long run, the halving will directly reduce spot market sell pressure from miners, who constantly need to sell some of their Bitcoin stash to fund their mining operations.
That all sounds very bullish, and in the past, Bitcoin halvings have preceded massive run-ups in the crypto’s price.
The 2012 halving was followed by a 93x rally. 2016 was followed by a 30x rally. And 2020 was followed by an 8x rally.
But the Bitcoin price had never rallied to fresh record highs ahead of any of these prior halvings. That’s not been the case this time around, with Bitcoin hitting new record levels in March 2024 near $74,000.
Some think that the arrival of spot Bitcoin ETFs in January brought some of Bitcoin’s expected post-halving rally forward. That suggests that Bitcoin may have less room to run higher this time when compared to the past.
But even if Bitcoin was “only” able to post a 3x rally after the halving this time, that would see it reach $180,000.
And the post-halving rally may have to wait a few months. Post-halving rallies typically haven’t kicked in for 4-6 months. That could reflect a short-term rise in miner sell pressure as they cope with a sudden drop in revenue.
Also, macro headwinds have been building recently. Strong US data and hawkish Fed speak has forced traders to
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