Bitcoin Halving — How Will It Influence Bitcoin’s Price?
We have good news for crypto enthusiasts: approximately in one year, around May 2020, Bitcoin halving will take place, which is a two-fold reduction of reward for miners for every block they mine.
Reduction of Bitcoin offer together with growth in demand and interest must bring about a considerable price growth of the asset, as well of the whole cryptocurrency market. Limited offer usually means bullish trend. Evaluating the results of the previous years when halving took place, multi-fold growth can be expected.
A year after the first Bitcoin halving in November 2012, explosion-like growth took place up to $1000 (approximately by 407 times), and after the second halving in 2016 bitcoin’s price reached its historical maximum, having shown growth by 28 times by December 2017.
Previously bitcoin rally due to halving started approximately a year before it, and the maximum was reached during the following year. That means that we are most likely at the point of reference for the rapid growth of the cryptocurrency number one.
However, there are signals that make us especially cautious in the coming weeks. In the last several trading sessions, trading volumes are declining, and cryptocurrencies began to consolidate against a backdrop of recent rapid growth. Bitcoin rate may be moving towards the mark of $7000 in the coming days.
If there are no serious drops in the cryptomarket market, one can expect a global bullish trend during approximately a year and a half-two years.
Despite a considerable reduction in excitement among inexperienced private investors, now institutional investors are watching the fate of the cryptomarket. Large technological companies, like Facebook and Square, are also ready to develop in this direction.
For now, consolidation is taking place against the backdrop of a steady growth of cryptocurrency market. If you trust in the future of cryptocurrencies and are planning to purchase Bitcoin, our monitoring BestChange. com will help you choose the most profitable rate for purchasing it for any convenient for you direction.
