Respected Crypto Trader Says Bitcoin Halving Will See BTC Prices Soar in May 2019, No $1K Price
Since the bear run started back in mid-2018, predictions on the price of Bitcoin and other cryptocurrencies have skyrocketed. Every analyst and crypto enthusiast has their own opinion on how the prices will turn out come end of 2019. Bitcoin currently trades slightly higher than $3,500, representing over 80% loss since its all-time high in December 2017. The question remains, will the asset appreciate in 2019 or is it doomed to drop further?
The recent announcement by CBOE, VanEck, and SolidX withdrawing their Bitcoin ETFs from the SEC did not affect the price of Bitcoin at all. Analysts predict that investors’ lack of hope for an approved ETF in early 2019 may be the reason for the low change in price.
One of the crypto influencers on Twitter, Moon Overlord, predicts that BTC price is nearing the bottom in the coming months. The fundamental explanation behind his prediction shows that Bitcoin is set to boost in price once it bottoms out.
Moon Overlord further rubbished the claims that BTC will drop to $1000 region saying the claims seem “irrational”.
Bitcoin halving In 2020 To See Soar In BTC Prices In May
According to Moon Overlord’s research Bitcoin prices will rise in May in preparation for the halving to happen in 2020. Bitcoin block halving usually brings about a pump, a year before it happens as seen in the past two events.
He wrote on Twitter,
People calling for 1K #bitcoin don't realize the halving pump traditionally starts a year ahead of time
The next halving is May 2020, meaning we are only a few months away from the start of the pump
Are we really going to dump another -70% in the next few months? Doubt it
— MOONOVERLORD (@MoonOverlord) January 23, 2019
Bull Run on BTC starts approximately a year before the halving
As seen on the chart before the previous two halving saw BTC price start a bullish trend almost a year before the actual halving. The next reduction of the block rewards will take place in May 2020 hence the prediction of a bullish momentum to begin this year in May.
The first Bull Run started 378 days before the reward per block was halved while the second started 322 days before. The long-awaited halving in May 2020 is set to push the price up. However, as seen on the chart, the price is set to drop below the current level of trading before the bullish momentum takes effect.
While the short term prospects bitcoin block halving seems bleak for the price of BTC, the long term prospects will boost the price of the pioneer cryptocurrency.
“Bitcoin Will Not Face A Bullish Momentum In 2019”
While the analysis above shows Bitcoin’s price imminent rise, other analysts across the crypto field do not believe in the bullish stance on BTC in 2019. One trader made conclusions from well-worked research that the price of BTC is set to drop further to $1000-$2000 region by the end of the first quarter. Inasmuch as the analysis agrees with Overlord’s research, the trader further stated the bearish period is likely to extend further than expected.
Furthermore, Fred Wilson, a leading venture capitalist stated the bullish comments on BTC were likely misguided saying the bullish momentum will come once 2019 is done. More analysts have predicted the price of BTC to drop below the $3,000 mark in the coming months before a bullish momentum takes over.
However, one of cryptocurrency most respected figures, Changpeng Zhao (CZ Binance), said the current market has oversold cryptocurrencies. The CEO of Binance exchange said that the development teams on most of the projects were building their blockchains to better and more efficient standards which begs the question why most people are selling. He further commented on the matter saying,
“So I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology.”