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    Bitcoin ‘Immediately Rises After A Halving' And ‘$45m Per Week Of Unsatisfied Demand' Will Ensure It

    December has just started and Bitcoin is still struggling above $7,000 level.

    • Bitcoin is doing all the things that bearish analysts have been warning, says “Too much time under here could generate panic selling”
    • After the Bitcoin halving, the rise in 2016-2017 was slow because of altcoins and ICO but PlanB says this won't be the case in 2020

    After making a recovering from the drop of $6,500, on Nov. 30, Bitcoin started sliding down from $5,800. Today, BTC/USD went to a $7,087 level and is currently trading at $7,195 with 24 hours loss of 1.05%, as per Coincodex.

    Trading volume meanwhile is extremely low at just about $235 million, though slightly higher than yesterday’s $190 million. Even at CME Bitcoin futures, it was a “very slow day” reported Skew. While not that slow, Bakkt has been seeing a constant decrease in volume from its all-time high of 5671 BTC on Nov. 27.

    Source: Coin360

    Analysts like Magic Poop Cannon are extremely bearish and expect BTC to drop to $1,000 level. In his latest update, Magic said the Bitcoin price chart is doing all the things that he has been warning about that if extended could generate “panic selling” among the investors.

    “BTC is currently dipping below the head and shoulders neckline, the 50 week MA, and the 61.8% retrace – all things I've been warning about. Too much time under here could generate panic selling,” Magic wrote.

    However, interestingly the number of HODLers in the Bitcoin market is only increasing with less than 6.8 million BTC having changed hands in the last 12 months.

    Bitcoin investors seem to be just stacking sats and then hodling them.

    But those planning to stack these sats, Bobby Lee, the co-founder and former CEO of China's first crypto exchange BTCC says keep on waiting for the dip and when it comes during price correction, they get scared.

    Bitcoin Halving – 5 Months to Go

    The price might be not showing any momentum yet but the reward halving event is now just about five months away.

    There can only ever be 21 million BTC, a scarcity that as Mati Greenspan, founder of investment firm Quantum Economics puts it is “built into the code and has been ratified globally.”

    According to the stock-to-flow model of PlanB, the chart depicts the halving when blue turns to red and “the market immediately rises after a halving.”

    However, unlike 2016-2017 when the rise was slower, which analyst PlanB said was because altcoins and ICOs were stealing some of Bitcoin’s thunder, this is not going to happen in 2020 “for sure.”

    This third reward halving on May 14, 2020, will cut down the block mining reward from 12.5 BTC to 6.25 coins and bring down its inflation from 3.70% to 1.80%.

    And this is expected to act as a catalyst for BTC price like it did the last two times and push the digital asset to another all-time high.

    While some are skeptics if this time the halving would have the same effect on the price as the last two times, Alistair Milne is pretty confident in Bitcoin as he said,

    “Please tell me again how ~$45million / week of unsatisfied demand won't move the price when Bitcoin's halving occurs.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,795.2970 change ~ -0.90%

    Coin Market Cap

    $124.4 Billion

    24 Hour Volume

    $5.37 Billion

    24 Hour VWAP

    $6.8 K

    24 Hour Change

    $-61.1469

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he 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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