Bitcoin Halving: 6 Months to Go, What Does the Market Think BTC Price is Heading?

The most exciting event on the horizon for the Bitcoin world is the 2020 halving, which is less than 6 months away now as the community weighs-in on what is happening next

  • In the first half of 2019, Bitcoin flew to almost $14,000 level. Since then, we have been struggling below the 2019 high level, trying to find the bottom of that bull rally.
  • Many analysts and traders believe the drop below $7,300 in late October was that bottom and soon we would see another bull rally that would take us to a new 2019 high.

As the price of bitcoin climbs back above $9,000 BTC/USD, interestingly, Bitcoin reward halving is just about 6 months away now, 186 days to be exact. After this halving 61 such Bitcoin halving events are more to come.

Being a deflationary digital asset, this halving would see Bitcoin rate declining from 3.71% per annum to 1.80% which Dr. Mervyn G. Maistry, board member of Cyberian Mine said will bring its inflation below that of the dollar and euro. So, for the “first time,” he said Bitcoin will have some inflationary and economic advantages over the fiat currency.

Massive Upward Surge, Decline or No Big Impact?

This halving will be third such halving, the previous two ones occurred on Nov. 28, 2012, and July 9, 2016, when the price of BTC was $12.30 and $650 respectively. What about this time?

When the halvening comes, the profitability of the miners go down and a lot of miners get squeezed out. As such, the difficulty decreases and the price increases.

Sean Walsh, CEO and chairman of the board, the Hyperblock.Inc shared recently that both six months before and after the bitcoin halving, BTC recorded “massive upward surge.”

Many commentators believe BTC could hit its all-time high (ATH) at $20,000 around that time only. Though the event would be “scary” for a miner as their revenue stream is going to be cut in half, Wash said, “the exchange rate will more than compensate for the reduction in our Bitcoin denominator revenues.”

However, Nick Damico, CTO of Bitpatagonin is “not very optimistic” in the short term and expecting the price to go down. While at the same time, Hugh Tian, Co-founder of Antpool isn’t concerned as he is “not expecting an overly big impact.” Fluctuations can occur both before and after having but not “too big.”

Bitcoin Going to be “Super” Valuable over time

Popular analyst PlanB who is known for using stock to flow approach to determine Bitcoin value shared last month that “we are entering a new phase” and the next 6-12 months are something to be “excited” about.

As such the next 6 to 12 months are going to be really important for the cryptocurrency market.

Recently, Vinny Lingham also talked about how “We're heading for a very dangerous nine months,” as the Bitcoin bubble is “inevitable.”

According to Bobby Lee, board member of BTC Foundation, Bitcoin would first shoot past $500,000 and then $1 million due to this event. This is because Lee says halvings make Bitcoin more valuable with its inflation keep on declining, making it more scarce than gold.

But when Bitcoin tanks the usual 80% from such an inflated market cap, that Lingham said “would wipe out “$4 trillion dollar in global GDP overnight.”

Such a wipeout’s knock-on effects he said would be “immeasurable” as there are chances of global depression that could drive governments to ban the cryptocurrency.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,723.2453 change ~ -0.25%

Coin Market Cap

$198.27 Billion

24 Hour Volume

$3.51 Billion

24 Hour VWAP

$10.77 K

24 Hour Change

$-26.7388

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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