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An epic Bitcoin price rise will dwarf all previous BTC bull runs in May 2020

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Bitcoin

Last week was just murder for Bitcoin. It dropped significantly twice, and it had already gone down for more than 11 months. So there are two questions in the mind of every crypto enthusiast in the world. First, when is Bitcoin going to start recovering value again? Second, when is Bitcoin going to reach an all-time high again?

We think it unavoidable for Bitcoin to recover, and we also think it inevitable for it to reach unprecedented heights at some point in the future. When? We don’t know to be honest.

But there are cryptocurrency observers who think they do have an answer, even a date. In this article, we will explain their arguments. We can’t assure you they’re right, but information is power, so this is probably an idea everybody should know about.

We’ll start with the answer; then we give you the explanation. The next Bitcoin hyperjump will start on May 2020. It will prompt a huge and prolonged bull run that will culminate on December 2021. By then Bitcoin will be around 100k in price. Fascinating, isn’t it?

Before we give you the rationale behind that answer, we’ll give you the context you’ll need to understand it.

As you surely know, Bitcoin needs to be mined. This means that a bunch of enthusiasts all over the world (well, mainly in China) use a lot of computer power to solve a mathematical problem known as an “SHA-256 collision”.

Since it has no analytical solution, it must be calculated randomly, using a computer, and that takes time. This creates a “chain” of “blocks” (hence, “blockchain”), one at a time, and with every new block, a number of new Bitcoins are created. How many? Good question!

In the beginning, every new block created 50 new bitcoins. But Satoshi (the mythical digital superhero who created Bitcoin) wanted to avoid inflation in the Bitcoin environment, so he designed the protocol to make the total amount of tokens limited and progressively harder to mine.

One of the ways in which this goal is achieved is that, every so often, the number of coins created by every new block is halved. So, for instance, after November 28th, 2012, only 25 coins are produced per new block, and after July 9th, 12.5 coins. Next halving event is on May 2020 (you see where we’re going?).

Historically, each time that a halving has been implemented, the Bitcoin prices go through the roof. It happened in 2012, then in 2016. So, many observers are utterly convinced that the next halving event, in May 2020, will also bring about an epic rise in price that will dwarf any of the previous Bitcoin bull runs.

That’s it. That’s what some aficionados are expecting, and that’s the reason supporting their expectations.

But how reliable is this? It’s really hard to say. While it could indeed be a legitimate phenomenon, the fact is that Bitcoin is too young, there have been only two halvings, and there’s not enough data (or data analysis) to guarantee that every halving is going to jumpstart Bitcoin again.

So while this is an idea every serious observer in the crypto verse should know, it should be taken with a grain of salt because, so far, it’s impossible to say it’s not merely anecdotal. Lots of things happen around Bitcoin besides halvings. Now you know, though. We hope it will become useful information to you.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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