Will the Bitcoin mining prize halfback bring record levels as it has in the past?
With the Coronavirus outbreak taking effect around the world, both Bitcoin and all cryptocurrencies have suffered declines of between 10% and over 20%. However, the total cryptocurrency market volume also declined significantly. The price of Bitcoin soon tumbled from $ 10,000 to $ 3,700.
These recent declines have nearly dented hopes in the cryptocurrency market, with some analysts saying that retreats of up to $ 1,000 could occur. But there is a case for hope to flourish again: Bitcoin mining prize halfback…
Less than two months later, Bitcoin mining Awards will fall from 12.5 Bitcoin to 6.25 bitcoin. Previously the halftime took place twice, and after each halftime the price set new records. Therefore, both investors and analysts expect history to repeat itself and the price to break records again.
Because when the mining prize goes down, the supply of Bitcoin goes down, and the price of Bitcoin goes up with the “principle that the price of what has little supply goes up.” As this is a general rule, the same reaction is expected. It's also worth noting that the halfback incident makes the leading cryptocurrency more valuable as it reduces the supply of Bitcoin.
While Bitcoin has increased overall throughout bitcoin's short history, altcoins have also been on the rise. Likewise, when the price of Bitcoin falls, altcoins are also declining. So if the bitcoin half is expected to produce a result and new record levels are seen, similar increases in altcoins could be experienced and new record levels could be seen.
In addition, analysts said much lower levels would appear before the expected rises. Bitcoin has seen these dip levels with the recent declines it has experienced and may now be on an upward trend…