Across the crypto community, the trending news involves the much-anticipated Bitcoin halving event that is likely to happen on May 11. Why is it on everyone’s lips? Because pundits, investors and traders alike have a Bitcoin prediction of the coin’s price increasing henceforth.
Bitcoin halving is an event in its network that lessens the supply of these coins and it occurs every four years. The event awaited this month is the third to happen as the previous ones took place in 2012 and 2016. The mining reward for extracting Bitcoin is slashed in half from 12.5BTC to 6.25BTC.
Based on earlier experience, the BTC price is expected to be bullish post-halving. As the historical chart shows, the coin’s value tends to increase sometime after the halving takes place. For example, following the July 2016 event, the price raptured the roof by skyrocketing to a record-high of $20,000 in December 2017. Therefore, a rising BTC price in 2020 is now expected by many.
According to Google trends, “Bitcoin halving” searches are now hovering at nearly 90 per cent.
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