- Bitcoin investors are expecting to see a price rise as it will soon be halving again in May.
- The date for the third halving is coming closer and the expected jump in the price of Bitcoin will 10x, which translates to around $100,000 for a coin.
Bitcoin, the most popular and the most expensive crypto currency’s investors are expecting to see a price rise as it will soon be halving again in May. Like every other currency, crypto or traditional, excess flow of it will lead to a sharp decline in the price and vice versa.
In approximately 200 days (69 days until the halving) buying 1 #bitcoin will be out of reach of 99.8% of the population of the earth.
— Jason A. Williams ? (@JWilliamsFstmed) March 1, 2020
Bitcoin halving is essentially the event that occurs every four years, and the award for completing one block in mining Bitcoin is cut in half, hence the term halving. This regulates the supply of Bitcoin into the market, and as time passes on, there will be a lesser amount of bitcoins mined per block.
Bitcoin works on a deflation model, which means that over the time Bitcoin production will reduce and eventually will come to a complete end. This will happen at 21 million Bitcoin.
The first time when the Bitcoin had halved, the price of Bitcoin had skyrocketed at a growth rate of whopping 100x and went from $11 in 2012 to $1100 in 2013. Then it fell to $220 and mostly maintained below the $1000 mark for the coming few years.
When the second halving occurred in the year 2016, it was maintaining a price of $600 ish. But then came the year 2017 and the price just went straight through the roof to touch a just wow price of $20,000!
Bitcoin had no grown 1818x since before it’s first halving. The date for the third halving is coming closer and the expected jump in the price of Bitcoin will 10x, which translates to around $100,000 for a coin.
The CEO of Kraken, Jesse Powell, said that he thinks it might even reach $1 million, which is very optimistic of him though. This could make it out of reach for over 99.8% of the global population.
It will be exciting to see how the third halving will affect the price of Bitcoin. Will history repeat itself or not?