With May fast approaching, the crypto industry is watching with bated breath for the next round of Bitcoin halving. If the Bitcoin price history is an accurate forecaster of how this year’s halving will go, the king coin could hit $400,000 when everything is said and done.
Next Bitcoin Rally Expected After Halving
Historically, Bitcoin price has been highly influenced by halving. Since late 2019, the crypto industry has been forecasting how the halving will turn out. So far, it is predicted to be one of the “most bullish” forecasts yet.
Occurring after 210,000 blocks have produced – about every four years – halving reduced the amount miners receive for each mined block. Currently, miners of Bitcoin are getting 12.5 BTC for every mined block. After the halving event, that will drop to 6.25 BT.
As Bitcoin price history has shown in the past, the supply shortage should increase value.
Will Bitcoin Make $400,000?
Forecasters who have taken Bitcoin price history into consideration can see how halving has helped increased its trading value. Going back to November 2012 when it was first halved, the trading value went from $2.01 to $270.94. In 2016, at the second halving, it went from $164.01 to $20,074.
If history rewrites itself once again, the 2020 halving could see Bitcoin trading at $400,000 when the dust settles.
Other Things to Consider from Bitcoin Price History
Even if Bitcoin doesn’t hit $400,000 after the halving in May, the crypto industry is sure to see a new all-time record high. All of the indicators are pointing to $400,000. The previous two halving’s have seen an increase of 12,000 to 13,000 percent.
A bear market is expected after the halving, as Bitcoin price history has shown. In 2013, a bear market occurred and lasted for close to 87 days. It occurred again after the second halving. This time, the bear market lasted for over 51 weeks, ending sometime in early 2019.
With these things in mind, the Bitcoin community can expect another bear market and record-high trading value.
Bitcoin and Future Halving’s
Halving has been part of the Bitcoin vision since it was first introduced as a “deflationary, digitally-scarce crypto asset.” The next halving is set to occur in May/June of 2024 when the block chain reaches 840,000. This, too, based on Bitcoin price history, is expected to cause an unprecedented trading value.
There are still 30 Bitcoin halving’s remaining until the total number of Bitcoins in circulation reach 21 million. To date, 18 million BTC have been issued, 85% of the total amount planned when this cryptocurrency was first introduced to the world. About 300,000 blocks still need to be mined prior to the 2014 halving. It will be interesting to watch how price fluctuations play out over the next 20 years.