Predictions, Predictions, Predictions: How The Bitcoin Halving Could Play Out
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The bitcoin halving is quite literally just around the corner. Over the past few weeks, we have seen many predictions flood into the market from many different analysts who have expressed their views as to what will happen after the event takes place. The event of the halving this year will see the reward for mining new blocks on the bitcoin network cut in half by 50% as the two previous events or a reduction in the amount of bitcoin entering circulation into the industry.
All of these predictions have split in half as many people have different views on what will happen following the event. Some believe that the price of the leading crypto coin will rise significantly following the events. After the first two events in 2012 and 2016 respectively, the event has seen the price of the digital coin spike. So through logic, could it happen again?
One prediction from the CEO and founder of Pantera Capital, Dan Morehead wrote in a letter to investors in April where he said that bitcoin was going to peak 12 months following the event in August 2021 at over $500,000. He went on to say that if history is going to repeat itself there is more than a 50% chance that if the value goes up, it will go up massively.
With the halving just a day away, anticipation and hype is up more than it has been to date. Some investors will have their expectations high believing that the coin can rise up to a price bigger than what it was able to accomplish in 2017 after it has $20,000 in December that year. But the reality is, is that we don’t know what’s going to happen and getting hopes up as a dangerous game.
Understandably, with the world going through the coronavirus crisis and many people isolating themselves from friends and family, it would be nice to see a win when it comes to investments.