The most anticipated event this year for cryptocurrency – The Bitcoin Halving.
We have been waiting for the next Bitcoin (BTC) halving event for the last 4 years now, and it is finally here.
Previously when a Bitcoin halving event occurs, we see the price of BTC skyrocket around 150 days after the halving event occurs.
The first BTC halving event occurred in November, 2012, which saw an increase in the price of BTC go from $11.00 to $1,150.00.
The second BTC halving event occurred four years later in, July, 2016. The price of BTC at the time of the halving event was $650.00, a few months later in mid 2017 the price skyrocketed to $20,000.00.
The pseudonymous creator of Bitcoin put the halving event in place in order to reduce the rewards for mining each BTC block by half every 210,000 blocks. This is to slow down injection of new supply onto the network.
Bitcoin To The Moon?
Looking at previous halving events and what has historically happened we can only predict that the price of BTC will yet again skyrocket.
There are differences this time around however, now more than ever, much more people are aware of Bitcoin and are involved within the crypto space. This gives new opportunities to more of the big players within the Bitcoin world, and they are now able to manipulate the price of BTC a lot easier.
Due to the spike in interest in BTC and the BTC halving, this is bound to promote business within the future. Also taking into account that BTC is the only asset that has significantly recovered during the crash due to the coronavirus pandemic. Because of this, people are now considering BTC more than ever as an alternative to fiat currency. And this is great news for miners.
What do you think the price of BTC will skyrocket to?