A lot of crypto analysts have stressed on the fortune that the forthcoming Bitcoin halving could bring. It is generally believed that this much awaited event would initiate a parabolic move that could take BTC price beyond the reach of doubters and pessimists.
We look into how this scenario would play-out come 2020, by comparing the views of cryptocurrency experts.
Bitcoin is making promising moves in the market presently. It’s a certainty that its long stay above $11,000 support level will actually end with significant move in either directions (downtrend or uptrend).
The price uptrend of Bitcoin has been foreseen to be bullish by a host of crypto analysts, and the digital currency has sometimes incorporated its growth trend with these predictions, as it maintains its steady growth to greater price heights.
Bitcoin halving is quite around the corner. Virtually all the crypto pundits know what is meant by halving, except the novices and probably the newcomers.
Halving is a period when the total supply of any minable cryptocurrency is reduced by 50%, which will drastically reduce its daily mining activities. BTC halving is scheduled to commence by May 2020.
Anthony Pompliano Expresses How Bitcoin Mining Would Aid BTC’s Significant Growth in 2 Years’ Time
Morgan Creek Digital’s Co-founder, Anthony Pompliano, is a well-known BTC maximalist. He has perpetually rallied for the growth and global adoption of Bitcoin, via his Twitter handle.
He had earlier lent his voice on how the reduction of Bitcoin miners’ activities will initiate the significant surge of the digital currency’s market price. He made a definite prediction of $100,000 for BTC by 2021.
Pompliano claimed that his confidence level over his forecast is between 70 and 75%. His resolute conviction is based on the theory of the much talked about BTC halving. He said the scarcity of Bitcoin starting from May 2020 is the notable factor for the growth.
Cogent Point from another Analyst on How Bitcoin Miners Would Initiate BTC Price Upsurge
Joseph Young, a popular cryptocurrency analyst pointed to a statement made by a co-analyst, Brian Kelly about the technical moves of Bitcoin miners as they prepare for the 2020 halving.
According to Kelly, Bitcoin miners have made acquisition of funds, which would be enough to finance their mining operations throughout the coming year. He said their intention is to hold the mined digital asset. Young then added that this move would play a big part in 2020 than ever expected.
Read Young’s statement below:
“Last month, Brian Kelly said many bitcoin miners have acquired enough capital to finance their operations throughout the next year with intention to hold, not sell. As halving approaches, I think this could become a bigger factor than expected.”
A user also made a thoughtful point to back up Joseph Young’s assertion. He pointed that the possible intention of miners to hold their BTC could enhance the scarcity of the digital asset, which would greatly impact its distinct price upsurge once the halving commences.
He said “If many miners do not sell their BTC, and HODLERs left. Newly minted Bitcoins are not much available it can take us to the moon with halving.”
Bitcoin (BTC) in the Market
The bulls are consolidating in the market at the moment. Bitcoin (BTC) has managed to break above $11,500 resistance level, and on the course to hit $12,000 mark, which is the next challenging hurdle.
It took Bitcoin less than 5 minutes to increase by relatively $300. At the time of filing this report, BTC is trading at $11,898.67, with about 5% price increase in the last 24 hours.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.