2020 begins with a mixed crypto market with some coins trading in the red and others in the green.
Bitcoin is currently trading in the red at the moment of writing this article, and the most important coin in the market is priced at $7,199.49.
There are four and a half months left until Bitcoin’s next halving which is scheduled for this May.
Predictions on whether this event will have an impact on the price of the digital asset are getting extremely meta as the Daily Hodl reported.
Viral prediction on BTC’s halving
It’s been reported that crypto analyst Jacob Canfield posted a viral prediction on the halving – this is an event that will slash the amount of BTC miners earn for powering the network in half this will slow the supply of new BTC entering the market.
He also said that the halving is well-known, and it’s very predictable, and it’s no longer priced in at all.
https://twitter.com/JacobCanfield/status/1210927394397315072
Someone responded to the tweet with: “This guy gets it, everyone panics all year long. Quit trying to make trades daily, weekly, monthly if trading is intimidating, make one trade a year after buying all the way down, stay out, rinse repeat.”
Crypto analyst Willy Woo translated the message and said the following:
“Translation: While the public believes in efficient market theory and that markets perfectly price in all available information. Market traders know the price chart is a war of strategy and fuckery designed to make the most money for the best players.”
It’s also worth noting that regarding his current take on BTC’s trajectory, Canfield says he thinks Bitcoin will likely dip lower in January.
“Longing $6700-6800 in January will be a good deal. I was hoping for $5500, but not sure we get there. Not sure we see much lower for a while after that. Will revise if the context of the market changes, but that’s what I’m seeing so far.”
2019 ended on an optimistic note with all kinds of positive predictions regarding the price of BTC.