Currently, the bear market being witnessed by Bitcoin has been marked as the longest bear run in the history of cryptocurrencies.
While the current market has been sending most investors running the other way, triggering sell-offs that wipe off billions in a matter of minutes and hours, some have taken the opportunity to add more to their portfolio. For both the sellers and the buyers, the indifference has been the next rally.
As for where the sellers cannot see the next rally coming anytime soon, and are choosing to believe that prices will continue dropping, the buyers believe that the next rally is within horizon and that the gains will be worth their while.
So, what could possibly trigger a rally like no other and see holders gain exponentially? Block reward halving. In the past, the halving of Bitcoin, Ethereum and Litecoin has seen all of them soar and in instances trigger a wide market rally.
According to some predictions, halving the block reward of Bitcoin could begin as soon as May of 2020. This is expected to create hype and increase the value of owning Bitcoin, driving prices up.
Although the halving shows great promise of being the next key trigger for a bullish run, the question in many minds will be, how much damage will have been done?
For the last couple of weeks, Bitcoin has been trading dangerously close to the $3,000 position. A drop below this position could send prices plummeting as the market will possibly panic.
Despite testing the $3,500 position severally over the last couple of days, the crypto leader has remained unconvincing and has dropped right back below it.
Soon, the market will choose a more long-term trend that sends prices plummeting or on their way to recovery.
For Ethereum, the reward halving is expected to become a major boost as the coin continues trading below the $110 position.
It continues to be at risk of dropping below $100, however, with the halving on the horizon and the upgrading of the network already in works, there’s plenty to be optimistic about for the coin both in the short term and the long term.