Crypto Industry Bulls Believe Bitcoin Halving Will Help BTC Value in USD Reach New Highs
Bitcoin (BTC) experts are very bullish about the upcoming halving in 2020. They believe that the digital currency could experience a substantial rally after the halving. If that happens, Bitcoin would not only reach $20,000 – it’s previous all-time high – but it could also surpass this price level.
Bitcoin Could Reach New All-Time Highs
Bitcoin is going to be halving as soon as in 2020. Bitcoin rewards for miners will drop down to 6.25 BTC per block from 12.5 BTC per block. Every four years, Bitcoin halves in half its rewards for crypto miners, which receive BTC for the work they do confirm transactions. This happens every 210,000 blocks that are mined, and it gives Bitcoin one of its main characteristics, being an asset with limited supply and with an inflation rate that falls every four years.
In the past, Bitcoin experienced two halvings. Both of them helped Bitcoin to grow and increase its price, allowing traders to register healthy gains. The first halving took place in 2012 and the second one in 2016. In the first one, Bitcoin surge to $1,000 for the first time. After the second halving, Bitcoin surpassed $19,000.
There are several experts that are very excited about the future of the most popular cryptocurrency in the market. For example, the recognized investor and analyst PlanB conducted a poll on Twitter in which 2574 individual cast their votes. 61% of the respondents said that from this point there will be a market run. 26% said that Bitcoin will be lagged until its halving and after it, the digital currency will grow. Furthermore, 10% answered that nothing will happen because this has already been priced by the market. Jus 3% of the respondents mentioned that Bitcoin will remain as it is.
How will markets react to #bitcoin 2020 halving?
— PlanB (@100trillionUSD) May 20, 2019
Anthony Pompliano, the co-founder of Morgan Creek Digital, said that he cannot wait to have Bitcoin’s supply cut in half. Bitcoin is also one of the scarcest assets in the world because there are just 21 million BTC that could be created and now there are 17.72 million BTC in circulation.
Eric Turner, the head of research at Messary Inc, said that he believes that the connection between Bitcoin halvings and Bitcoin price surge is very thin.
Bitcoin is currently being traded around $7985 and it has a market capitalization of $141 billion. In the last 24 hours, Bitcoin lost 1% of its price according to CoinMarketCap.