A quick glance at Bitcoin’s price charts spanning the last one year indicates that the ride has been quite bumpy for the top crypto, but that’s not to say that the world’s premier cryptocurrency doesn’t have some going power bottled up within it. In fact, if things work as expected, Bitcoin could soon be worth tens of thousands of dollars.
What exactly will make that happen? A pending event within the Bitcoin network that many have come to dub as the “Bitcoin weapon.” This is something that has happened in the past, and results are always bullish for Bitcoin. This time may not be so different.
Every few years or so (about 4 years), the Bitcoin network undergoes something known as “halving” whereby the miner’s rewards are slashed by half as the coins get scarcer.
The immediate result is that as the number of mined Bitcoins reduces as the network approaches the 21 million coin finish line, the demand increases and the price skyrockets – a very fair development as scooped out from the books of demand and supply or market forces.
The next Bitcoin halving is expected to happen around May 20, 2020. However, it’s not the event itself that’s as peculiar as what happens to the Bitcoin price right before and after the halving.
As has been witnessed in the past events, Bitcoin’s price starts gaining steam about a year before the main halving event, and then staging a huge rally right after halving and going into weeks.
Many crypto analysts see the coming halving as no different from the previous ones. In this sense, many expect Bitcoin to start a mini rally around May 2019 as the market builds up steam pending the 2020 event.
Could this halving be the ultimate top moment for Bitcoin, given that there remains only a few million coins left to mine before the 21 million cap is depleted?