Bitcoin surged above $8.9k, axing all the losses incurred on March 12 dubbed as “Black Thursday.” This bullish movement creates expectations about the upcoming halving event.
The keyword “bitcoin halving” is the most trending topic across social media platforms.
- It is also notified that Bitcoin halving is the most used word in Bitcoin tweets. There have been 1000+ tweets about this event, in which 68% are optimist about Halving.
Bitcoin price surged above $8.9k, axing all the losses incurred on March 12 dubbed as “Black Thursday.” This bullish movement creates expectations about upcoming bitcoin halving event.
Bitcoin Halving, the popular topic of social media
The keyword “bitcoin halving” is the most trending topic across social media platforms. Interest in upcoming halving is raising and bitcoin price is also witnessing an upsurge.
TIE stated that “the halving event has eclipsed Coronavirous as the dominant narrative for Bitcoin.”
The Halving has eclipsed Coronavirus as the dominant narrative for Bitcoin.
Chart shows the number of mentions of Gold, Halving, and Coronavirus in news articles about Bitcoin. pic.twitter.com/P2wkm4iKMA
— The TIE (@TheTIEIO) April 28, 2020
It also notified that Bitcoin (BTC) halving is the most used word in Bitcoin tweets. However, there have been more than 1000 tweets about this event, in which 68% are optimist about upcoming Halving.
The halving continues to be the most used word in Bitcoin tweets.
There have been 1,278 tweets about the Bitcoin halving over the last 24 hours with 68% positive. "Mining" is also one of the ten most used words in Bitcoin tweets today for the first time since at least 2017. pic.twitter.com/DxMCcaUU2W
— The TIE (@TheTIEIO) April 28, 2020
Bitcoin price forecasting
Bitcoin is soon going for halving process on May 12, after which the reward will drop from the current 12.50 BTC to 6.25 BTC. According to Jehan Chu, the rally continued by the expeditiously oncoming halving event.
Binance CEO Changpeng Zhao shared data about upcoming halving and its effect on the BTC price. The data pointing out that both the times of the event the BTC skyrocketed. So it will perform in the forthcoming halving event.
Moreover, the first BTC halving occurred in 2012 that made to climb the price of BTC a year later, surging nearly 80x. The same thing happened with the halving event of 2017, which made an uptick in the price of BTC again.
Thus, past data describes that cryptocurrency tends to hit the market levels in the calendar year of a halving. If this happened, then we can see the price of BTC to rise above the levels of $10,000.
Taking the example of Joe Nemelka, the CryptoQuant’s data analyst predicts that BTC price will increase as only profitable miners will look after the need to keep mining after the having event.
The global pandemic affect over upcoming halving
However, in the price prediction series, the global pandemic of coronavirus is one of the major issues. According to the current scenario of COVID-19, it is hard to predict the behavior of the upcoming halving. Though the pandemic continues to devastate both crypto and traditional financial spaces, the BTC advocates still see a bright distant future for BTC.
Will BTC outperform over gold after halving?
On the other hand, there is a strong impact of the “yellow metal” gold over BTC. As the king of cryptoverse negatively influenced by gold. If we compare BTC with gold, after a big price drop on March 12, people still consider it as a safe-haven and to hold it with optimism to see its price rolling.
Furthermore, halving would help BTC to gain its superiority over gold, for example, nobody knows exactly how much gold extracted, but anybody at any time can independently verify the entire Bitcoin supply in existence with the use of a basic computer.
Despite all the predictions and controversies for the near future halving, 2020 will undoubtedly prove a significant year for Bitcoin.