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Crypto investors and hodlers alike are sitting on the edge of their seats, waiting to see what unfolds with the highly anticipated ‘Bitcoin Halving’ event that is scheduled to take place mid-May.
Since the Bitcoin (BTC) inception in 2009, the halving (also known as halvening), is an event that takes place roughly every 4 years.
During the halving, block rewards are cut in half, which in turn, limits the supply of bitcoins.
To date, there have only been 2 Bitcoin halvings. From a historical perspective, during previous halvings, each time the Bitcoin price has reached all-time new highs:
On November 28th, 2012, the first BTC halving occurred, which saw the BTC price increase from $11 to $1,000 around a year later.
During July 2016, the second halving took place and the price of Bitcoin was trading at around $700, and in 2017, the price skyrocketed to $20,000.
The third Bitcoin halving, which is scheduled to take place in May 2020 has seen some lofty predictions on Bitcoin prices.
Billionaire Bitcoin bull Tim Draper believes that the price of one BTC could rise to $250,000; Buffett’s Books founder Preston Pysh thinks that bitcoin could skyrocket to $300,000 after the halving; former Goldman Sachs hedge fund manager Raoul Pal predicts that the price of Bitcoin to hit $1,000,000 within 3 years; and Silk Road founder Ross Ulbricht predicted that it could hit an astronomical price of $333,000,000 per Bitcoin.
In other trending Bitcoin News today:
Bitcoin Halving Searches Go Parabolic: BTC Price Could Follow For 2 Reasons Firstly, data from Google Trends indicates that there is a muddy yet apparent correlation between interest in the term “buy Bitcoin” and the term “Bitcoin halving,” suggesting the halving is convincing investors to buy BTC.
This assertion can be corroborated by on-chain data from Glassnode, a crypto analytics firm that has indicated two things over the past week:
Long-term Bitcoin investors have been accumulating more and more coins each day as the halving has drawn near.
In fact, they found that the “Bitcoin Hodler Net Position Change” metric just established a fresh yearly high.
There are more than 17,000 “new entities” joining the Bitcoin network each day, which was a level of retail involvement last seen at the start of 2019’s bull run.
This would suggest that should as the halving continues to increase in popularity, so too should the public’s propensity to buy Bitcoin.
Secondly, analyst “PlanB” found that Bitcoin’s price will get a strong boost in the wake of the halving.
The model, accurate to 95% R squared (accurate in statistics lingo), suggests Bitcoin will have a fair value of $50,000 to $100,000 after the halving.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Bitcoin Halving Searches Go Parabolic: BTC Price Could Follow For 2 Reasons