U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Peter Brandt Explains Why Bitcoin Halving Is 'Grossly Overrated.' Will BTC Price Skyrocket This Time?

Tue, 03/17/2020 - 14:27
Alex Dovbnya
Still expect Bitcoin (BTC) to rally after the halving? Peter Brandt explains why you are most likely wrong.
Cover image via www.youtube.com
Put your crypto to work
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

Those Bitcoin investors who still held onto their coins after the 38 percent crash on March 12 probably do not want to miss out on another post-halving bull run. However, with the most anticipated rally just 55 days away, the bullish narrative around it continues to crumble. 

Prominent commodity trader Peter Brandt is the latest skeptic who questioned the impact of the halving, calling it extremely overrated. 

Bitcoin (BTC) Price Likely to Reach $30,000 After Halving: Top Trader Tells U.Today

A chump change 

Unlike fiat currencies, Bitcoin is a disinflationary asset whose supply is capped at 21 mln coins. On May 12, its supply will be halved once again, as miners will only be able to receive 6.25 BTC per block.

After the halving, according to Brandt's calculations, Bitcoin's daily supply will be reduced by an infinitesimal one percent as opposed to its trading volume, which he described as 'real supply.'  

Peter Brandt Says Zero Could Be Bitcoin's (BTC) Ultimate Bottom

Bitcoin's volumes continue to shrink 

Bitcoin's two previous bull runs coincided with its halvings in 2012 and 2016, which is why many believe that history might rhyme this time as well.

That said, Bitcoin's trading volumes have been steadily declining since 2017, signaling ebbing interest in the market. This wasn't the case in 2016. 

image by tradingview.com 

As reported by U.Today, Fundstrat's Tom Lee did not rule out that the whole crypto industry was slowly bleeding to death.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic
Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000
Mike Novogratz Says Bitcoin and Gold Are 'Easiest Trades,' Reveals His Favorite Stock