Bitcoin Faces Major Test as Halving Event Sparks Debate on Price, Miners and Scarcity

Opinions are split on whether the halving is already "priced in" to Bitcoin's value or will cause a price rally. Some see unprecedented institutional demand driving prices up.

The halving will reduce Bitcoin mining rewards and could force some miners out of business, leading to a drop then stabilization in Bitcoin's hashrate.

Some argue this halving will be different due to new factors like Bitcoin ETFs, increased institutional interest, and innovations like Reddit Runes. Others say past halvings had little effect.

The halving draws attention to Bitcoin's hard-coded scarcity and serves as a recurring "marketing event" to educate new investors.

Critics remain skeptical, arguing prices are manipulated, miners will continue wasting energy, or that past price rises aren't predictive of future performance.