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Founder of the largest cryptocurrency exchange and its former chief executive who had to step down recently, Changpeng Zhao (also widely known as CZ), has posted on the X/Twitter social media platform to answer an important question about the approaching Bitcoin halving. This event, fundamental for any crypto user, is to take place later this week.
The much-anticipated halving will reduce the block award once again, adding more scarcity to the global flagship cryptocurrency.
CZ issues important Bitcoin halving post
Changpeng Zhao quoted his earlier tweet published in October last year, in which he said that a page on Bitcoin halving would be added to Binance and also shared his thoughts on this event. In particular, CZ stated that a year after a halving, the Bitcoin price starts surging to new highs. It will not double overnight, though many people are likely to start asking why.
This was from his experience of the three previous halvings. In the same post, CZ warned that he cannot predict the future, therefore, he does not make any Bitcoin price predictions.
In today’s X/Twitter post, Zhao stated that he recently received a question from a crypto fan as to “if bitcoin halving is like a stock split.” No, was his answer to that in the post. Such questions, indicating the arrogance of a great number of people when it comes to such basics as the Bitcoin halving mechanism, indicates that “we are still early,” according to CZ.
Bitcoin halving and “Omega candle”
Many experts, including Samson Mow and Anthony Pompliano, name the halving as a crucial driver of the Bitcoin price surge in the near future. Since the amount of newly generated Bitcoin will be cut in half, they say, the halving will create a BTC supply shock.
In return, spot Bitcoin ETFs, approved in mid-January, began to create a demand shock for BTC as they began to accumulate a lot more BTC than was produced by miners per day.
When the supply and demand shocks meet after the halving, Samson Mow stated in one of his tweets this year, Bitcoin will print the “Omega candle,” which is likely to take the price to $1 million.
At the time of this writing, Bitcoin is changing hands at the $64,621 level after printing a massive hourly green candle today.
