The first event of Bitcoin halving occurred in late November 2012, when BTC/USD was trading at just $12. Four years later, the supply halved to the current rate of 12.5 BTC per block, and the price was $652.
Bitcoin Halving is considered a highly bullish event which has led to a surge in the price of the king coin by a significant margin in the past. While the volatility of the digital currency has decreased, the event is still believed to push a bullish rally.
The first halving occurred in late November 2012, and that time BTC/USD traded at just $12. The price of $652 was reached four years later when the supply halved to the present rate of 12.5 BTC.
Bitcoin is currently trading at $9,450, after experiencing a gain of over 30%, just in January. This has fueled the faith of people, and they expect the May 2020 halving would help Bitcoin shoots itself towards a $ 12,000 mark.
So, does the Bitcoin halving help drive prices higher? Absolutely,” Weiss summarized.
The 2016 halving impact took a little time to affect the proceedings. The bull run which took Bitcoin at its pinnacle of $20,000 only occurred a year later. Some analysts believe that a similar pattern would follow this time around too after the may block halving of 6.25 BTC.
Apart from Bitcoin halving, there’s a lot in store for Bitcoin in 2020. The halving would bring the rate of Bitcoin below both gold, and the Federal Reserve’s target for the U.S. economy.
In 2021, if it all goes as positive as it gets and everything falls in line for bitcoin, analysts believe it should hit a new all-time high of $100,000. In the past years, halving has always brought a positive influence and have helped Bitcoin gain more foothold in the market. The crypto-space is eyeing for more of the same, with expectations and anticipations for halving soaring as it gets closer and closer.