Bitcoin Price Move Likely Affected Due To Halving And Covid-19 Crisis
By Luke Flowers – Crypto Broker
With the halving about to occur soon, analysts and experts alike are interested in seeing what becomes of the network. There are many Bitcoin miners on the network and with the reward reducing this could see many stop mining. People are looking at historical indicators on what could happen after the halving but are also factoring in the current pandemic and the part that could play in any possible movement.
Bitcoin’s halving is due to happen in May. In a month, the prices can either rise or reduce, but after the event, Bitcoin’s supply gets halved. Most experts are assuming a positive impact on the price in the long term, which is good for people who are currently holding onto and looking to sell Bitcoin. The future scarcity could lead to people buying Bitcoin, driving the price up.
Since the creation of Bitcoin, halving has proven to be a turning point. While history isn’t always perfect when describing the future, it can often be an indicator, and an increase in Bitcoins price has occurred shortly after previous halving’s. There are those who disagree, however, with the CSO at CoinShares Meltem Demirors, among others, still believing that halving won’t impact the price as major trading takes place within Bitcoin derivatives. Many people still wish to buy Bitcoin so they own and control it whilst also using its functionality.
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