During 2018, the Bitcoin rate was in a prolonged decline, that lasted until the beginning of 2019. The exchange rate of the main cryptocurrency fell by more than 80% – from $19700 to $3380. Media and analysts predicted the crypto market would die out. But in the spring of 2019 cryptocurrencies began to grow rapidly again: the bitcoin exchange rate increased by more than 300% in just three months, after which it corrected somewhat. As of the beginning of 2020, Bitcoin showed double growth. What expect from Bitcoin in 2020 and why is halving so important for the cryptocurrency market? You will find answers to these and other questions in this article
BTC halving is one of the most anticipated and important events of the crypto world in 2020, which can turn the history of the crypto around. Halving means that miners’ reward for extracted Bitcoin blocks will be halved. This approach protects the asset from inflation, and if the demand dynamics continue, the exchange rate will grow, since the supply is limited, and new coins will be issued slower. Halving occurs approximately every 4 years.
Bitcoin halving dates history
Many people have heard about Bitcoin just recently. You will be surprised for how long Bitcoin has been around: the cryptocurrency appeared in 2009 and during its existence there were 2 halvings already. The initial reward for adding new blocks was 50 BTC and after each halving it was reduced by half:
- November 28, 2012. The reward was reduced to 25 BTC per block.
- July 9, 2016. The reward was reduced to 12.5 BTC per block.
The next and third halving is coming, which will reduce the reward to 6.25 BTC per block. Halving is scheduled to take place between May 18 and May 24, 2020. Mining will stop as soon as 21,000,000 coins will be extracted. This should happen in the year 2140.
Bitcoin prediction 2020: experts opinions
It is difficult to predict how halving will affect the crypto industry. Historical data shows that before each halving, Bitcoin price begins to grow, and after it the price updates the historical maximum. But this does not guarantee that this will happen again this time.
Due to the complexity of mining, if Bitcoin will not grow, mining will no longer be profitable, which can cause large mining pools to switch to other cryptocurrencies and provoke large sales.
But the mood and expectations of investors are mostly positive. Bitcoin projections for 2020, based on the current state of the market, are quite optimistic. This is also supported by a reduction in pressure from regulators.For example, well-known Fundstrat analyst Tom Lee and Ronnie Moas predict that the price of Bitcoin will reach $50,000 by the end of the year.
Frequently asked questions
Will bitcoin recover?
More and more people are interested in cryptocurrency and are considering investing in bitcoin. Large institutional investors are also interested in it, but until the SEC approves trading platforms (that have to be brought into compliance with their rules), large players will not enter the crypto market – and this is crucial. Bitcoin continues to grow since 2019, and therefore there is every chance to for it recover in the near future.
Will bitcoin go up in price?
Investors and analysts are positive. The number of users, despite the long decline of the market in 2018, continues to grow, so there are all the prerequisites for this.
Where can I buy Bitcoin?
Bitcoin can be purchased on crypto exchanges or through exchangers. If you plan to hold Bitcoins, it is recommended to store the coins on your crypto wallet, which only you have access to. Not all exchanges support deposits in fiat, so you will first need to purchase bitcoin, and then bring it to the exchange.
This can be done through Bitcoin exchange platforms, where you can specify the address of a personal or exchange wallet for the deposit when purchasing the cryptocurrency. The fastest and easiest way to do this is via Changevisor online service. The service provides a list of reliable exchangers, a large selection of payment methods and allows you to find the most profitable exchange rate and the most convenient terms for you.