The closeness of Bitcoin halving continues to create a series of ripples in the crypto space, especially as Bitcoin resumed the new year with a price surge associated with the ongoing clash between US and Iran.
However, as we are just 5 months away from the historic event, a crypto analyst and trader Rekt Capital has again reminded members of the cryptocurrency community about the trend of Bitcoin before and after halving. Referencing Bitcoin’s price behavior after the two previous halving, Rekt Capital asserted that Bitcoin would likely rise to $385K – $425K if historical recalls.
Rekt Capital Stresses the Price Trend to Expect after 2020 Bitcoin Halving
In a release published by Rekt Capital on the price trend of Bitcoin, the analyst, after careful analysis of Bitcoin’s price behavior in the past, issued a forecast on what to expect after May 2020 halving.
The analyst clarified that in the first halving Bitcoin price spiked by 13,378% growth from its previous bottom while the second halving saw a growth of 12,160% up.
Rekt Capital furthered that if Bitcoin were to rally by 12,160% up from its mid-December 2018 low of $3,150, a unit of BTC would be valued ~$385,000 after halving.
Contrarily, an up growth of 13,378% like that of the first halving would see Bitcoin reaching ~$425,000 after halving.
Either way, if Bitcoin rises to $385,000 or $425,000, the market cap of the leading cryptocurrency would then be comparable to that of Gold, cementing Bitcoin’s status as a Digital Gold, Rekt Capital noted.
Stressing the possibility of witnessing huge price rise in a recent tweet, the analyst said Bitcoin has been consistent with reaching a new high relative to the high of the previous halving.
In the year of the Halving but still before the Halving, #Bitcoin has always reached a new high relative to the high of the previous year
2012 – $7.40
2013 – $15.40
2015 – $504
2016 – $794
— Rekt Capital (@rektcapital) January 8, 2020
Differences of Analysts about Bitcoin Halving
The potential impact of the upcoming halving has been a matter of speculation among cryptocurrency enthusiasts and analysts. Due to the longer price growth reluctance experienced by Bitcoin, some sets of crypto pundits and analysts admitted that BTC halving is already priced in, adding that its price will likely drop further before and possibly after halving.
Despite the somewhat negative claims coming from the pessimists, some are still resolute with the belief of Bitcoin retesting its price all-time high recorded in January 2018.
They stand by the history of Bitcoin, especially its favorable price action after periodic halving. The much-awaited BTC halving is scheduled to hold in May 2020, after which its price is expected to rise like that of 2012 and 2016 halving.
Bitcoin Market Situation
Some hours ago, Bitcoin was rumored to be reacting positively to the ongoing fracas between the most powerful country in the world, the United States, and Iran.
The attack on the US military base in Iraq by Iran has been viewed as a swift retaliation measure, connecting to the death of their most powerful Army General.
In the course of this event, Bitcoin has been busy regaining its huge losses, taking some other cryptocurrencies along in the uptrend price movement.
At the time of filing this report, BTC is trading at $8,052, with -0.24% price decrease in the last 24 hours.