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The Upcoming Cut in Bitcoin Supply Means Zero for BTC Price Says, Analyst

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Bitcoin News
Less than 100 Days Left for Bitcoin to Become the Second Asset to Have S2F50 after Gold
By AnTy- February 3, 2020
Less than 100 Days Left for Bitcoin to Become the Second Asset to Have S2F50 after Gold
The much-awaited Bitcoin halving is now less than 100 days away. Scheduled to occur in May, the Bitcoin block mining reward halves every 210,000 blocks. Last time in July 2016 the second halving occurred that reduced the reward from 25 BTC to 12.5 BTC and this time the reward will decrease from 12.5 bitcoin to 6.25 coins.

Also, it will decrease bitcoin inflation from 3.68% to 1.80%, which is less than that of bullion and the Federal Reserve's targeted 2% for the US economy.


 
This also means the S2F ratio of the asset will double to 50, making it the second asset after gold to achieve this number. Currently, it has an SF of 25 which is close to Silver’s 22 but this halving would see it reaching closer to gold’s 62.

In 3 months we will have a second S2F50+ asset. Very interesting how markets will value it ? pic.twitter.com/GtzYrnPPYh

— PlanB (@100trillionUSD) February 1, 2020

However, it is possible that the halving would come even sooner than this date because miners are adding a lot of hash power to the Bitcoin network.

At the rate we are going with difficulty increasing 5% and hashpower reaching new ATH, #bitcoin halving might just happend end of April. ?

— A v B (@ArminVanBitcoin) January 30, 2020

On January 29, the hash rate jumped to a new all-time at 123 Th/s. This has the difficulty adjustment struggling to keep up with the hash power, as such hitting ATH at 15.4 trillion.

The way hashrate is accelerating, the halving will happen in April 2020, not May.

— hodlonaut?⚡? (@hodlonaut) September 10, 2019

The bigger question is how the market will value it. Already, in 2020, the BTC price has surged 27.65% in anticipation of this event.

Historically, there has been a correlation between the bitcoin halvings and a significant increase in BTC price. However, not everyone in the crypto community believes this. Some exects this event to be already priced in.


 
However, a big percentage of people still see the reward halving as a proponent to drive BTC prices higher. Recently, prominent analyst, PlanB conducted a poll on Twitter to ask the community if “Bitcoin’s “halvening” won’t boost its price. Or will the cointegration between bitcoin price and stock to flow stay intact and boost btc price?

65.3% of the total 7,533 voters expect Bitcoin to rocket after the halving.

Weiss Crypto Ratings also believes the halving will “absolutely” drive the BTC prices higher and the only question is how much higher.

It further points out that halving has always ushered in explosive price increases. And in anticipation of that, miners have been increasing hash rate so as to snatch the last remaining blocks to capture 12.5 BTC.

Here’s how #Bitcoin halvings have impacted the market. So, does the Bitcoin halving help drive prices higher? Absolutely. The only question now is how high will #BTC go this time around? pic.twitter.com/YnSp4Y8igO

— Weiss Crypto Ratings (@WeissCrypto) February 1, 2020

“THE MAY HALVING EVENT IS LIKELY TO TRIGGER A MAJOR NEW SURGE IN THE PRICE OF BITCOIN AND MOST OTHER CRYPTOCURRENCIES. IT’S HARD TO IMAGINE A SCENARIO IN WHICH BTC DOES NOT RISE TO NEW, ALL-TIME NEW HIGHS, EASILY SURPASSING THE $20,000 LEVEL.”

said Weiss Crypto ratings.

Bitcoin (BTC) Live Price
1 BTC/USD =$9,302.11 change ~ -1.30%
Coin Market Cap

$169.4 Billion
24 Hour Volume

$5.32 Billion
24 Hour VWAP

$9.4 K
24 Hour Change

$ -122.9900
Index
P2PB2B
Coinsbit
bitasset
lmax
Coinbase

 
1D
1W
1M
3M
1Y
ALL
Value
$
9,334.35
Jan
Jan 13
Jan 20
Jan 27
Feb
7,000
7,500
8,000
8,500
9,000
9,500
Volume
$
42,721,115.77
Jan
Jan 13
Jan 20
Jan 27
Feb
0
200,000,000
Jan
Jan 13
Jan 20
Jan 27
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AnTy
AnTy
AnT

y has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.
   

 
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