Bitcoin’s Crash And The Halving – What Will Happen To BTC’s Price?
The crypto market looks better today, and Bitcoin is trading in the green today, just like the other important coins in the market.
Following the massive price fall from last week when BTC dropped by more than 50%, there are various analysts who are expecting to see a rise in the price of BTC after the halving event.
Huge expectations for the price of Bitcoin after the halving
The Bitcoin halving is scheduled for this May, as you know by now. Before this coronavirus disaster hit the whole world, the crypto market had massive expectations about what will happen to the price of BTC following the halving.
A lot of analysts said that we’d be witnessing a huge rise in price following the event and some were even describing the falls in the price of BTC before the event which were supposed to be something normal.
But the globe was hit by a black swan which, in this case, is the coronavirus pandemic.
Our everyday lives are upside down these days and everyone is panicking and freaking out considering what’s been going on in the world.
The Bitcoin halving happens only once every four years and this is generally preceded or followed by a rise in price as we said before.
A while ago, Bitcoin fell from around $9k to about $4,500 and this had a lot of analysts said that it’s now questionable if BTC really is a safe haven.
The Bitcoin halving from back in 2012 and the the one in 2016 were both followed by price rises but also massive volatility in the crypto’s hash rate.
The hash rate is the computing power of the miners who are running the BTC network.
Bitcoin halving events, compared
Decrypt writes that the first halving that BTC saw established the crypto as a truly scarce digital asset and the second one led to massive volatility, but the price of BTC ended up at a huge high.
The same online publication writes that the third halving is quite different in more aspects.
Actually the having being so close is a bad thing, if this Zombie Apocalypse continues into the summer $BTC might still be crashing as the halving just crushes the Miners
— Tone Vays – TheFinancialSummit.com (@ToneVays) March 16, 2020
“Bitcoin’s third halving will follow a catastrophic price decline, not to mention immense damage to the theses of Bitcoin as both an uncorrelated asset and safe haven,” Matthew Graham, CEO of investment firm Sino Global Capital told Decrypt.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.