Price Rising Again After the Bitcoin Halving
According to the BBC, the widely anticipated third halving of Bitcoin (BTC) has prices moving back up. The halving cuts the rewards for miners by half which has reportedly to 6.25 BTC per block. Satoshi Nakamura, the founder of BTC instilled the halving method into the coin’s programming in order to control inflation. This is unlike fiat currency that has the potential to go belly up on increase in inflation during a time of an economic crisis.
The final block that was mined before the halving had a special message in it. Miner F2pool who mined the 629,999th block printed a New York Times headline into the Bitcoin (BTC) blockchain. The printed message “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue” refers to the recent article published by the newspaper that compares 2008 financial crisis to the current one we’re going through due to COVID-19 pandemic. In fact, Bitcoin was conceived in the aftermath of the 2008 financial crisis as many were asking for a currency that doesn’t fall under the control of any central authority.
Image Source: Asia Crypto Today
Post-halving, there are traders predicting a bullish run for BTC. Cryptocurrency trader Satoshi Flipper expects upper trend line resistance to be breached and price action going up although price went down when BTC endured a minor sell off right before the halving.
A fellow trader, only known as Galaxy, shares Flipper’s sentiment. Galaxy mentioned that the previous 160% price hike came after seven consecutive weekly doji candlestick patterns in December 2018. Currently, Bitcoin is in a similar run without major pullbacks in the past seven weeks with Galaxy saying that “we’re in for a ride”.
With BTC’s value slowly rising again and trading in the range of $8,900, at the time of writing, the price action post-halving has shown that BTC is turning upwards with the closing of yesterday at $8811. A good turn from the recent low of $8,101.
On top of the gradual movement upward, BTC is continuing to generate major interest as many Brazilians looking at BTC as an alternative to their underperforming national currency. Real. Regardless of how you foresee BTC’s prices, there is always an opportunity for you. Use VHCEx Contracts and potentially profit from price movements up or down. Or copy a pro trader and assign assets from as low as $2 to a pro trader.
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