Bitcoin has been on a run in recent weeks with the leading coin posing five consecutive weeks with positive returns.
Since a steep decline in March which saw the coin hover around $4000, BTC has endured a steady rise, with the coin currently trading at $6,901 as at the time of writing.
One major event that is highly anticipated is the Bitcoin Halving. There have been several speculations regarding the effect it could have on the leading cryptocurrency.
Popular Twitter trader with the moniker CryptoDog today revealed what could potentially happen to Bitcoin after the Halving.
CryptoDog who also predicted $0.17 bottom price for XRP in February, believes that it could take six to 12 months before the effect of the Halving would translate in growth for Bitcoin.
Since the Halving is expected to occur by May this would place the prediction between the last quarter of 2021 and first quarter of 2021.
Divided Opinion Regarding Effect of Bitcoin Halving
There continues to be a difference of opinion between stakeholders within the Bitcoin community regarding how effective the Halving would be with regards to BTCs price.
Some analysts believe that there would be an immediate drop in value before a corresponding rise in price which is consistent with prior halvings.
While others expect a consistent increase in price that would culminate in a sharp rise similar to 2017.
There are also some analysts that are pessimistic about the Halving with the recent failure of BCH as an example cited. However one thing is certain, the halving is set to change the dynamics of BTC with the current COVID-19 pandemic playing a detrimental role in world finance.
Looking at the current trend, CryptoDog prediction is not unrealistic as it could take until the end of the year for Bitcoin to experience a massive surge in price.
Bitcoin is currently valued at $6900 with a market cap of $129bilion according to Coinmarketcap. The leading coin suffered slight losses of around 2% in the last 24 hours of trading. Looking at its current trend BTC is looking to hold its position with the next resistance point of the coin at $7400.