Bitcoin Set to See Longest Downward Price Trend But Could Spark an Uptrend Coming in 3 Months
Bitcoin hit the peak at $20,000 on December 2017. Now, it has been about 16 months that Bitcoin has been making its downwards journey, coming down to $3,600. Crypto enthusiasts, traders, and investors are all looking for the signs of bulls but currently there are none.
However, according to the crypto trader, Moon Overlord, we just might be there as bulls can be expected to hit the market in about 3 months that is in May 2019. The reason for this upcoming uptrend is the Bitcoin halvening coming in 2020.
He took to Twitter to share this,
“Bitcoin has traditionally starting pumping around 1 year on average before it's halving date. The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year.”
The last Bitcoin halvening has been on June 8, 2016, when miners reward went down from 25 BTC to 12.5 BTC. However, at that time, the industry was unsure just how much of an impact it would have on the Bitcoin’s price and the miners.
When Bitcoin was first launched, the mining reward as been 50 BTC. After the halvening which comes after every four years, it was cut down in half to 25.
But the fact that following this, Bitcoin saw a surge in its prices, this time, the industry is rather eagerly awaiting for it.
Bitcoin price between the July 2015-December 2017 period, Source: Coinmarketcap
Currently, a Bitcoin Block Reward Halving Countdown is running on Bitcoinblockhalf.com, according which the reward drop ETA is 25 May, 2020 which is about 484 days away. The Bitcoin block mining reward halving that occurs every 210,000 blocks, the coin reward will decrease from 12.5 to 6.25 coins.
Currently, 17,501,975 BTC are in circulation out of the fixed number of 21,00000. Now, only 3,498,025 Bitcoin are left to mine. And with Bitcoin prices expected to hit another peak, looks like this is the best time to accumulate as currently Bitcoin is down about 81 percent down from its all-time high (ATH) as Crypto trader Moon Overlord further shared,
“In which case you'd only have a few months left to buy BTC at this low of price.”
Crypto enthusiasts are excited of this prospect as one stated in part, “You can see similarities using the top of previous bull run and bottom of the following bear market too. (assuming December lows were the bottom, bold I know!). Don't know If its worth much but interesting!”
What are your views on the upcoming Bitcoin halvening and its impact on Bitcoin price? Do you think we are moving towards another upward trend that will ultimately bring out the new all-time high (ATH) and in turn the full onslaught of bears in the crypto market?