- Dolapo Ojelabi
Predictions of Bitcoin price after the Halving
The halving is the 50% reduction of the reward for mining new Bitcoin blocks which takes place once in every four years and leads to a reduction of how much new Bitcoin is being released into circulation. In the beginning, the number of new bitcoins issued every 10 minutes was 50 for every four years later, this number is cut in half. Halving is the pre-programmed inflation control mechanism designed to create more scarcity, this means the supply of new bitcoins will be lower. In 2012, the number of new bitcoins issued every 10 minutes dropped from 50 bitcoins to 25. In 2016, it dropped from 25 to 12.5. Now, in the 2020 halving, it will drop from 12.5 to 6.25 Predictions of price after the Halving. Bets and predictions are starting from $12,500 per Bitcoin. Blockchain analytics provider TradeBlock puts the price at $12,500 per Bitcoin. Salah-Eddine Bouhmidi, a financial market analyst at DailyFX, predicts new highs of $14,000. He told Cointelegraph Paolo Ardoino, the chief technology officer of Bitfinex, claimed the market might see some FUD before the Bitcoin halving, saying: “By the end of 2020, I think the Bitcoin price will be at least $20,000.” An optimistic scenario for the BTC market is supported by Fundstrat’s Tom Lee, who believes Bitcoin could reach $27,000 by August of 2020. Analyst PlanB has predicted that the halving will trigger a frenzied bullish run to around $100,000 by the end of 2021 Kraken CEO Jesse Powell went even further on Twitter, stating: “When I hear people talking about a Bitcoin ‘correction,’ I'm thinking $100K What are your expectations of the Halving?