2018-12-20 19:26 |
In less than 500 days, Bitcoin halving is going to take place. The rewards per block will cut by half, something that can have an important impact on the price of the most popular virtual currency.
Back in 2017, Bitcoin reached an all-time high of $20,000. However, during 2018, Bitcoin (BTC) lost more than 80% of its price. Now, users and investors are wondering when the price will start to grow and which will be the impact that Bitcoin’s halving will have.
According to the Blockchain Entrepreneur called the Crypto King, major pumps tend to happen a few months after the halving. This happened back in 2016 and in 2013. After the halving, Bitcoin price reached new highs, close to $1,000 in 2013 and $20,000 in 2017.
Before each of the halvings, the price of Bitcoin tends to go upwards. However, after each halving, Bitcoin’s price skyrockets.
There will be other catalysts for Bitcoins’ price to start growing again. For example, during the next year, it is expected for institutions to enter the market. There are some firms releasing crypto-related services for institutions. The Bakkt platform is just one of the examples. Fidelity Investment is also working on something similar for institutions.
After the new Bitcoin halving in 2020, the reward of each block will decrease to 6.25 BTC. Now it is 12 BTC per block. Miners will have to sell fewer Bitcoins for an increased number of investors and users. This is clearly something bullish. Inflation rates are reduced during an increase of demand for the asset.
There are some experts that believe that Bitcoin could reach between $250,000 and $1,000,000 in the coming years after the halving. Some of the most bullish analysts are Tim Draper or John McAfee.
Currently, Bitcoin was able to recover from what could probably have been a bottom. It is being traded close to $4,150 after reaching $3,250 earlier this month.
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