Bitcoin Price Trend: Will the Next Reward Halving in 2020 Influence Today?
Today the Bitcoin (BTC) price started the day on the level of $671. We don’t expect any financial factors that could affect the price of bitcoin today as there are no important macroeconomic statistics publications scheduled for today. That is why we expect a gradual strengthening of Bitcoin related to the strengthening of US Dollar positions.
Here's a look at what we are focusing on in the bitcoin price this evening.
Bitcoin price prospective and retrospective
However, when the reward for mining was first halved in November 2012, the price too was unchangeable for a few months. Let me recall to you that in 2009 the reward for mining one block was 50 BTC. In 2012 it was halved to 25 BTC per block. Since July 9, 2016 it is 12.5 BTC per one block. The next halving of rewards for one block is scheduled in 2020, and it will be 6.25 BTC.
Today there are more questions than answers about the trend of the Bitcoin price. What do you think about the prospects of the Bitcoin price?
I think your assessment may be optimistic. Using approximate number (don't have the time to look them up right now) After the (first) halving of late Nov 2012, bitcoin climbed from about $10.00 to about $200 by summer, and ending with a high of appox 1200 by yearend. Depending on who you talk to the halving was responsible for the increase in price to $200 or to $1200. Using the lower figure (to be conservative), the price increase due to the 2012 halving was about 2000% this was the first having so the market had no precedent regarding what to expect, and therefore we saw reactions after the fact. However this time, in 2016, the market had fully absorbed the learnings from the previous halving. With the knowledge of the historical effect of a 2000% gain due to bitcoin halving. one would logically expect the market to begin anticipating the increase with reflection of a higher market price long before the date of the halving. This did not happen. This leads me believe that something is not quite right in bitcoin land.
BTC is in uptrend, STEEM is in skyrocket