In May next year, the third BTC halvening is to take place with miners’ rewards for each new block to be reduced in half. This means that twice as fewer Bitcoins will be issued, making Bitcoin a more scarce digital asset than previously.
This was added to the Bitcoin algorithm by the creator (creators) to prevent any inflation regarding BTC. In a recent interview to U.Today, the crypto promoter and US presidential candidate John McAfee called Bitcoin the first deflationary coin, since 7 mln BTC have been lost forever.
All eyes on 2020 - $100,000 after the halving?
A crypto enthusiast ‘Crypto Einstein’ (@BitcoinEinstein) with nearly 40,000 followers on Twitter has posted a chart, showing the rise of the Bitcoin price after each halving (happening every four years).
The chart confirms that the ATM that Bitcoin hit in late December 2017 was largely sparkled by the halving that occurred a year before.
Bitcoin halving history 😱— Crypto Einstein (@BitcoinEinstein) November 30, 2019
History always repeat itself. pic.twitter.com/Dug0iyseze
After the upcoming halving, some believe that the price of father crypto may fall since a lot of miners may give up their business and quit.
However, there are many who are positive that the BTC price will surge due to the halvening, the growth of the US debt and more QE programs to come in the future.
As per the chart above, this time, the Bitcoin price may be expected to hit an all-time high of $100,000. The chart states that the fourth and the last halving will take the Bitcoin price as high as $300,000.
Earlier, U.Today reported that, according to an analyst, BTC may surge to $14,000 prior to the halvening.
$13,000 is the closer target
Some are also predicting a bearish reversal soon, saying that Bitcoin may drop to the $6,300 area.