Bitcoin Halving 2020: The Run-Up Is Not Bearish at All, Crypto Analyst Says

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  • With less than half a year left before the next Bitcoin halving, the community is posting positive long-term forecasts and a crypto analyst says the run-up is bullish

Bitcoin Halving 2020: The Run-Up Is Not Bearish at All, Crypto Analyst Says

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The third Bitcoin halving is due in the first half of 2020. Now, the community is making bullish guesses how the BTC price will change after it.

The crypto analyst PlanB (@100trillionUSD) says that in his view the run-up is not bearish at all, as many may believe.

Less than 6.8 million BTC have changed hands this year: Mati Greenspan

The chief analyst of the eToro investment platform, Mati Greenspan, points to the fact that out of the 19 mln BTC that have already been mined, 11.5 mln BTC have been held by its owners firmly and only slightly less than 6.8 mln have been circulating around crypto exchanges in buy/sell deals this year.

He reminds the community:

‘It's the scarcity that creates value.’

Bitcoin price: from buying two pizzas to rising to an apartment’s worth

The angel investor @CryptoWelson retrospect on the long way the price of Bitcoin has come since 2009. Back then, he writes, 10,000 BTC was the price paid for two pizzas (referring to the famous deal that is now annually celebrated as the Bitcoin Pizza Day), now with just 100 BTC one can purchase a decent apartment.

His rhetoric question ‘What will 1 BTC buy you in 10 years?’ may sound like a bullish prediction.

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PlanB analyst: BTC production cost and unforgeable scarcity will double

The crypto analyst PlanB reminds the community that the upcoming halving will raise the cost of producing each new block and will also double the scarcity of Bitcoin.

Overall, he states, the run-up to the halving is far from bearish.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.