Bitcoin (BTC) Had The Best January In 7 Years Ahead Of The Halving – Important Price Triggers
Bitcoin seems to have found strong support ahead of $9,300. Today, the crypto market looks pretty green, and the most important coin is trading in the green as well.
At the moment of writing this article, BTC is trading at $9,367.16. Experts are waiting to see BTC surpassing the psychological level of $10k soon.
BTC rose by about 30% since December
Bitcoin managed to rise to new monthly highs, and the coin’s made a historic jump during the past month. The coin managed to rise by about 10% during the past week and about 30% since December.
Coinspeaker writes: “Recent data points to the Bitcoin price rise to current levels from $7,208 at the end of 2019. Now the coin is trading around $9,395. This coincides with a similar rally in January 2013. Bitcoin prices rose by 54.5% then.”
BTC price rises due to the halving and global uncertainty
The coin’s price rose due to the uncertainty across China and Asia and also in response to the medical emergency due to coronavirus.
The online publication notes that a lot of investors turn to Bitcoin these days for various factors. They see BTC as a safe haven, and Brexit concerns also triggered a rise in the coin’s price.
The Bitcoin halving event is also an important factor that triggers the boost in the coin’s price.
As the online publication mentioned above notes, Bitcoin prices have historically risen during such periods of time.
We’ve already reported that experts’ opinions are divided. Some believe that the prices will go up ahead of the halving, and others believe that the event will not be causing such a significant change.
The halving is scheduled for this May when the reward for mining per block halves. This is due to the increased demand for BTC.
Anyway, despite the huge market volatility, there have been a lot of optimistic predictions in the crypto space.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.