In all probability, the year 2020 started with an unexpected turn of events. However, as has been seen in history before, human civilization has always risen strongly and more resiliently from setbacks. And so this event is no different. The world will change for the better.
There are still a few events to look forward to with excitement even in these difficult times. One of these is the Bitcoin halving which is expected to result in a great price change in cryptocurrency. The event will take place on May 12, when the 630,000th block is added to the Bitcoin blockchain.
Experts and analysts have argued over the past few months about the significance of this price change, and even the pandemic, as well as the resultant global economic slowdown, has further added a positive zeal to these anticipations. Let us take a look at what to expect from the halving which is now only one day away.
What Can Crypto Enthusiasts and Traders Expect from the 2020 Bitcoin Halving?
To better understand the outcome of the halving, it is important to understand the halving itself. In simple words, the Bitcoin block rewards would be cut from 12.5 BTC to 6.25 BTC. This means that the supply of Bitcoin would become scarce and the prices would rise. During the previous two halving, Bitcoin price reached a new All-Time High (ATH) level. Is it reasonable to expect the same outcome this time?
According to a report, the past and present data indicate that the coming Bitcoin halving can result in $378,000 BTC, if a rally of 12,000% is taken into consideration from December 2018 bottom of $3,150. Presently, the price of Bitcoin is $9,309, which means that it needs to rise by approximately 4,000% to reach the $378,000 mark.
The previous halving saw the ATH level around 2.92 years after the event, which can help us calculate that next time’s ATH would be reached during the second quarter of 2023. It is highly possible that this could be achieved much earlier too, owing to the massive adoption of crypto in the wake of the global coronavirus pandemic and the staggering of the economy.
The report also mentioned that this great surge in price can give the premier crypto asset a market capitalization of 7.90 trillion, on the assumption of 21M BTCs max supply. This would result in the market capitalization of Bitcoin racing ahead of gold!
Tycoon: Helping You Bagging the Opportunity
The halving event is much anticipated and there is a lot of talks around. It has also led to some rumors and misunderstandings. For a beginner, so many varying opinions can seem to be very difficult to tackle. Therefore, Tycoon makes it possible for new traders to take full advantage of the upcoming ‘gold rush’. Created by professionals, the platform is built around the needs of the new traders by compensating every participant. Those who are inexperienced in cryptocurrency trading and still want to leverage the opportunities and potential of this profitable industry should not risk their money in this volatile market. Instead, they can take advantage of social trading and follow professional and experienced traders. By following their trades, new traders can not only profit when the professional trader does, but also learn how trading is done in the crypto market.
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(Reference — cryptoticker.io)