BTC is down 12% over the last 25 hours, from a high of $9100.
Retracement is the word on the street, with more red to come.
Very normal, I think it will be bouncing on that levels until 2020, when the Halving event occurs. Historically the halving has caused a 10x increase on crypto market, but at least 2x is required to keep mining profitable on the day 0.
If mining a bitcoin costs at the day of the halving, let say 8,000, then the next day the price must be 16,000 to keep mining working, that without taking in account the difficulty increase overtime.
So I expect at least a 5x increase to 50k between now and 2021, hopefully an increase to 100k, and MAYBE an irrational bubble-like increase to 200k, just like in 2017 when last halving happened.
Good that you mentioned it. Most people don’t know about this. Here’s a recent article explaining the what and why, and the potential effect the halving could have on price.
Well, we are pretty near the halving, as I said before. We are here, in 2020, back above 9200 and bouncing between 9000 and 9500 on the last week.
I expect to continue bouncing between 8700 and 13,000 until late May. The halving should happen on May 4. That could be a star wars signal hahahaha,
After that I expect a big bull move to reach more than 30,000 at the end of 2020, and to hit 100,000 to the end 2021.
I believe this is pretty much over expectation… I don’t think halving this time will have much more impact as of last year.
Nice countdown to keep you updated of the day and time.
https://www.bitcoinblockhalf.com/
I also just did a search for “bitcoing halving 2020” and 4.3 million results returned. Wow! People have been interested in this event. That’s definitely one aspect of what might affect price as we near. People are more aware and maybe that moves the needle on increased speculation.
But if we know anything, the past means nothing for what will happen in the future.