By
Temitope Olatunji
April 26th, 2024
As just around 10 hours are left before Bitcoin halving, many people are trying to guess what may happen to the price of BTC. Let’s have a look at teh current price movement.
Bitcoin (BTC) price used to be going up since the Bitcoin halving event neared. According to the estimates, less than 10 hours are left before Bitcoin halving 2020. The world’s first cryptocurrency broke through $9,000 a few days ago on May 6th. Bitcoin (BTC) price even managed to hit $10,000 last week. As at the time of filing this report, Bitcoin (BTC) price was at $8,602 (-2.55%).
There are several reasons why Bitcoin (BTC) price has fallen and may continue this trend. One could be that the COVID-19 situation is causing investors to be skittish. This comes although Bitcoin (BTC) is a store of value in times of crisis.
Bitcoin and the other cryptocurrencies decoupled themselves from the other financial markets. This happened about a month ago. The cryptocurrency markets have experienced the fastest recovery so far. That is since the coronavirus situation crippled global business.
Bitcoin (BTC) Price Didn’t Fall Because of COVID-19?
The cryptocurrency market selloff of March 12 was mostly about the failure of 2 major cryptocurrency exchanges. The markets have been mostly immune to the COVID-19 aftershocks.
Another reason could be that the prices are cooling off. They would most likely take off again in an hour or two. Bitcoin (BTC) price could be finding support for takeoff.
We could also be looking at a test from institutional investors. Last years’ thawing of crypto winter was due to their influx. BTC didn’t break through the psychological barrier of $10,000 yet.
This situation is expected to change. $10,000 will no longer be Bitcoin’s limit. The halving event refers to the halving of rewards for miners on the Bitcoin blockchain.
As of the time of filing this report block, #629900 has had the highest number of transactions on the Bitcoin blockchain. The bitcoin blockchain is at a high of 115.28 Eh/s.
There is a current circulating supply of 18,374,112 bitcoins. This is against a total supply of 21,000,000 Bitcoins. As the circulating supply increases, Bitcoin (BTC) price will go up. This will be due to increases in the mining difficulty.
The scarcity in the miners’ rewards will also drive transaction confirmation costs up. As a result, buying pressure will keep Bitcoin prices at previously unseen levels.
More People Are Interested in Bitcoin and Crypto as Just Hours Left Before Halving
The reported increases in Google search queries for the Bitcoin (BTC) halving event shows a new interest in the crypto space. The global cryptocurrency community is expected by many to have its highest number of entrants at this time.
This is coming as a result of the COVID-19 situation. Many people are looking for safe havens for their money. The shelter-in-place restrictions give many people time to read up on the cryptocurrency space.
These people are the new evangelists that might cause the long-expected cryptocurrency revival. These evangelists will want to catch up fast. As they do, others will also get interested in this new technology and will want to be a part of the new evolution.