Forex and Crypto News

Bitcoin rally may resume soon

17:24 16 October /2019

If we talk about the cyclical nature of the Bitcoin market, then in the next six months we will expect an aggressive growth of this cryptocurrency. This conclusion can be reached by paying attention to the upcoming Bitcoin halving in May.

The price of Bitcoin may show an increase of about 150% for several months before the planned halving. In May 2020, after halving, the reward of miners will be halved from 12 to 6.5 BTC, which may lead to a decrease in mining volumes since its profitability will significantly decrease.

In 2012 and 2016, a Bitcoin rally was observed several months before the halving. Then the price of Bitcoin increased by 140% and 86%, respectively.

Until May 2020, a little more than 6 months remain. In 2012, BTC jumped from $5 to $12 (2.3 times) the previous six months before halving. In 2016, BTC jumped from $350 to $650 (1.7 times) for 6 months.

Thus, if we analyze the dynamics of the movement of bitcoin before reducing the miners' rewards eight and four years ago and project it for today, then we can assume that from October to May BTC should not only maintain its current values but also significantly strengthen its position.

However, it is impossible to mark the boundaries of the new rally, but it can be assumed that it will be aggressive.

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