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Bitcoin (BTC) Price May Dump 50% Before Halving, Many Traders Aware

Fri, 02/07/2020 - 14:20
Vladislav Sopov
While the market is excited about Bitcoin’s (BTC) splendid performance as of late, some traders think we should brace ourselves for a serious dump before the halving.
Cover image via 123rf.com
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Less than 100 days are left before the third Bitcoin (BTC) halving. Typically, events of this nature make capitalization of the flagship blockchain grow. However, according to some predictions, Bitcoiners may see hard times, even before the halving.

Savage dump before the halving

Many seasoned traders recommend Bitcoin (BTC) newbies avoid euphoria caused by its strong performance so far in 2020. For example, cryptocurrency trader Moonoverlord supposes that the price of Bitcoin (BTC) may fall to as low as 50% of the actual price ($9,763 at printing time) before the halving. 

Image by Twitter

It should be mentioned that, most likely, the halving of Bitcoin will occur on May 12, 2020. The exact date is subject to changes attributed to the speed of the Bitcoin (BTC) network.

Yestarday, analyst Zack Voell announced that on the road to new all-times-highs, the price of Bitcoin (BTC) may meet huge dumps. Namely, he won't be surprised if Bitcoin (BTC) trades at $5,000.

Tuur Demeester agrees

Two months ago, Tuur Demeester, macro investor, analyst, business cycle expert and founding partner at Adamant Capital, also marked this level as a crucial point for Bitcoin (BTC) accumulation. He suggested, that:

We're way above the bottom of 3000 and I don't think we're going back there. Maybe like a 5000  - we could touch that briefly.

Speaking about possible new all-time-highs for the Bitcoin (BTC) price, Mr. Demeester added that it may reach one, but 'it won't be anytime soon'

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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