Now, less than a week away, Bitcoin’s halving is still helping the coin rise in value as it has managed to top $9,300 having settled above $9,000 recently. Bitcoin has long been expected to have a bullish run before the halving and it seems to be coming true. How much more the coin will rise before May 12 is yet to be seen, but more interestingly, there are still predictions of a bullish run after the halving.
It is still uncertain exactly how the market will react to the halving when it does come as the impact will directly be on the mining community which will have to deal with a large cut in profitability, but the lowering of the supply and increased scarcity will certainly help increase demand, and perhaps even the price.
Many experts have had their time to predict what will happen with the halving. Some believe it will be a major event for the price, while others think it is already priced in — but this recent rally may have people second guessing.
Still strongly bullish
According to Simon Peters, analyst at investment platform eToro, the halving is not just about how it will make the price move, as it has done following previous halvings, but it could also result in a whole new brand of crypto investors.
Peters explains: “During and after the first halving in 2012, the key investors were those already involved in the asset class. The bitcoin investor base was almost exclusively made up of those in the know; blockchain scientists and data programmers as well as libertarians interested in the idea of a monetary system outside of political influence and central bank control.”
He then adds that the halving will help increase in retail investors leaping into the world of Bitcoin as mainstream media will begin to focus on its potentially surging price, as it did in 2017.
There are other optimistic predictions out there too as the CEO of cryptocurrency exchange Luno is also bullish, insisting that more volatility is on the way.
Luno’s CEO Marcus Swanepoel said: “We ended last week on a bullish note with Bitcoin pushing above $9,000 only for the price to drop over the weekend. However, this morning we have seen BTC again push above $9,000.
“This second move higher in a short period of time is positive and could be the first indication that we have now started the run into the halving. Parts of Asia are again off today, but when they return tomorrow we will be just a week away from the halving so can expect to see an increase in volatility.”