It is less than two weeks to go until Bitcoin has its third ever halving event. This is a rather large event in the general bitcoin ecosystem, and of course something that will have a major impact on the mining of the coin.

However, the real question is how much of an effect this will have on the price of Bitcoin and its general market. It is an event that will have a macroeconomic impact on supply and demand of the coin, but is unsure if this is enough to move the price in an upward movement like many hope.

Some believe that Bitcoin will climb dramatically on the halving as there will be a 50 percent reduction in new Bitcoin entering the circulating market as it becomes a scarce resource. However, some feel that the rise in price may already be priced in and Bitcoiners may have already set themselves ready to accumulate more that has driven the price to where it is.

The notion of Bitcoin being priced in already does make sense, especially in the current market situation with the Covid-19 market panic seen around the globe. In fact, one well known Bitcoin Whale has made mention of this in a sarcastic tweet.

“No, of course it’s not priced in. On the very day of The Great Halvening, everybody will finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks.”

Nooo, of course it's not priced in. On the very day of The Great Halvening, everybody will finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks. https://t.co/wAtitWuZbt — All "Joe007" signals·subscriptions·funds are scams (@J0E007) April 26, 2020

Mixed expectations

There are a number of predictions on what will happen after the halving. Some, like Samson Mow, have suggested it is the key to renewed price action for Bitcoin while some are looking at history and noting the price rises between halvings which have been in the thousands of percent.

Then, there are some who are looking more pragmatically at how the halving may impact the price of the coin — such as Jihan Wu, head of mining manufacturer BitMain. He has said he does not predict there to be a major move directly after the halving.

“As Bitcoin’s market cap grows, its volatility decreases and becomes more stable,” Wu explained. “That means we may not see abrupt spikes in its price. No matter how high Bitcoin goes, one day it will reach a top. Before that, it will see prices with flatline growth with some twists in the next few years.” Wu also added:

“I think the bull this time around may not come immediately after the halving. There likely will be a delay in time.”