After looking at last week’s market, today the current Bitcoin price is surging towards a better outlook by 10% more. Many investors are anticipating the upcoming halving event predicted in May, as Bitcoin continues its positive movement. With time running short, a significant price swing is expected for this popular cryptocurrency token. At the time of writing, the current Bitcoin price is sitting at $7,746.26 USD. This is significantly higher than the top market price of $5,600 back in April of 2019.
The Next Halving Event for Bitcoin
Bitcoin is scheduled to hit the next halving event after approximately every 4 years when 210,000 blocks are mined. Currently, the estimate for the next halving event is expected to happen sometime between May 11 and May 18. After the last halving, Bitcoin’s value increased to $20,000, making investors hopeful for this next event. Considering this past trend, some predictions show the current Bitcoin price will not jump as much as it has previously.
Even if Bitcoin doesn’t produce momentous movement in May that reflect previous results, investors believe in its positive impact. Altcoins are still able to benefit from the Bitcoin halving as they continue to compete daily in the cryptocurrency market. Since Bitcoin is the crypto coin that dominates the digital finance market, significant market changes will affect other tokens also.
The Current Bitcoin Price Amidst A Declining Economy
It’s no surprise that the current Bitcoin price and other cryptocurrencies will fluctuate somewhat with the global economy. Many assets on the traditional and digital finance markets will move as the economy goes through cycles. Considering the most recent Coronavirus pandemic outbreak, communities around the world are suffering financially, in turn having an impact on the local economy. This trickle-down effect can be seen in numerous industries that will alter global sectors and the world economy.
Even as the world deals with the COVID-19 pandemic, Bitcoin is still relatively stable despite this, making investors hopeful. No one can predict the future, but with solid foundations, cryptocurrencies like Bitcoin will fare well even in troubled times. Investments like Bitcoin that can ride out market cycles and come out favorable, are best to have in your portfolio.
What Does the Future Hold for Bitcoin?
The predictions for Bitcoin assets are diverse depending on which financial guru you choose to listen to for advice. There will always be die-hard Bitcoin fanatics that will stick with the cryptocurrency through thick and thin. Stating past historical fluctuations and market trends, they are certain Bitcoin will remain victorious above others in the cryptocurrency market.
However, you can find numerous predictions that speak of how Bitcoin is now at the beginning of the end. These predictions state the glaring differences from the past and show Bitcoin has dropped below trendlines, forecasting a bleak future. Often the Fear and Greed Index will drive market movement and can have a considerable impact on an asset’s fluctuations.
One thing is certain; the current Bitcoin price will depend on the current economy and the next big halving event. Being able to predict how Bitcoin will fare may not be as easy as before with many adverse factors. Investors will have to wait and see just how things fall once the dust settles.