We are a few hours away and Bitcoin Halving about to takes place, as there are lots of questions including will Bitcoin and other cryptocurrencies go bullish or another big drop is coming, as last two days Bitcoin and other altcoins were dropped by almost 13%. This drop searched all over the world as per the report of google trends. Most of the people already brought Bitcoin before halving expecting that Bitcoin can go to the moon, just like it happened in 2017-2018.
My Answer will be no, there are many reasons behind my answer. The first valid reason will be if we look April 2020 price chart, where Bitcoin was almost dropped to $5k USD, but within few days it got up and about to cross $10k USD mark at the beginning of March 2020. So, we already got dropped now we should wait for growth and that’s probably happening after Bitcoin Halving, as most of you get to know about What is Bitcoin Halving, in simple words, it’s breaking of Block reward into. This event is scheduled every 4 years, just like the world cup. And the main motto behind this is to reduced total supply and that can skyrocket prices of Bitcoin.
First halving helps Bitcoin to rise by 90%, where price rise from $12 to $1000 USD. The second Halving happened in July 2016 and that time Bitcoin not able to show some noticeable growth. During 2nd Halving, BTC prices was hiked by over 267%. As early in 2016, the Cryptocurrency market was not that much famous comparing, early 2018, and today itself. In the previous article, we suggested to invest in Bitcoin before Halving will be profitable, as we still backed that suggestion, as a reason many top predictor and analysis of Crypto market already made the prediction of Bitcoin reaching $12k USD or maybe little possibility to cross $20k USD and if this happens then the whole market will explode and other cryptos also get huge price growth.
To increase sales many trading companies including crypto.com providing a discount on Bitcoin trading, as they already have an offer, in which their discount of 50% on trading Bitcoin, so this Event with countdown stuff already gets desired hype. The interest of Bitcoin Halving for the last 2 weeks it more than 80% comparing with searches of cryptocurrency.
The last two decade was a disaster for Cryptocurrency, as after price on the moon happened in 2018, there was continuous dropped was seen, as in 2018 Bitcoin was crossed $20k USD mark, but after that Bitcoin is hardly able to cross $10k mark for two times only. But 2020 brings new hope to cryptocurrency, as of now many new cryptocurrencies launched who having better security, higher scalability, and staking network, in which they provide higher returns even if prices are dropping. As Bitcoin is unchanged but that not affecting its position in the higher market cap list, as we know to trade any altcoins excluding ETH, the most favorite trade is always BTC in most of platform, so in many cases, to Exchange with Coin you need to buy BTC first and as being first every cryptocurrency world has, their ranking and market cap will remain the same.
Is Covid-19 going impact on Bitcoin Halving and its trading, so far in 2020 there was no big impact seen in the crypto market, which is completely opposite to the stock market? Most of the big Stocks are collapsing due to this lockdown. the main market of Bitcoin is from China, as even if China already banned trading and mining, still there are millions of investors who are HODL bitcoin but other counties like USA, Europe, and Asian counties already suffering from economical crisis. This economic crisis may impact small investors or companies in the crypto market.
The Bitcoin Halving is based on Proof of Work. The mining rewards are now more difficult but price per block rewards is double, so ultimately it will remain same in terms of price. Since 2018, number of miners or mining computers rapidly dropping, as there Ethereum also planning drop Proof of work, in the new update of Ethereum 2.0. So, following this there are rumors spreading for the last few months, Bitcoin also going under huge upgrade and EOS Blockchain expected to be the first choice. If Bitcoin really changed Blockchain to focus on making more scalable and staking based, then this can also change the landscape of Bitcoin.
This topic becomes an attraction to the new user to get involved in the Crypto market, most Crypto advocate already referring to this event and ask for better ROI. so after that they need to find a new topic to make Crypto market interesting.
The Santoshi Nakamoto is a genius to continue Bitcoin Halving in 2020 and bringing more excitement. The current mining equipment market is recovering from loss, because the market almost dropped to zero-order, as after halving mining will considering the enhancement of equipment e.g. Graphic cards and cooler, so the price of equipment likely dropped due to lower demand even after lockdown ends. And due to low prices, more people think to buy this equipment and that like to double the number of miners and new bitcoin creation. So we know if growth in new bitcoin is increased the prices likely to go up as well.