Every Bitcoin enthusiast is anticipating for the upcoming event called bitcoin having. This event happens every 4 years and it is when the Bitcoin block reduces to 50%. Effectively this having process will result in the slashing of the rewards the miners receive from mining bitcoins
However, this is not all doom and gloom for miners, because historically the having phenomenon has led to all time highs in bitcoin prices and investors anticipate that this will also be the case after the upcoming halving.
Bitcoin halving price prediction
Bitcoin may be forced to jump from 8k to 10k prior to halving and then have a painful correction for the weak hands. The drop may go for a few days to months before bitcoin catapults into all-time highs.
DO NOT DAY TRADE!
Bitcoin halving dates history
First halving was November 28, 2012. Block reward dropped from 50 bitcoins to 25 bitcoins
Second having was July 9 2016. Block reward dropped from 25 bitcoins to 12.5 bitcoins
Next halving will be 12 May 2020. Block reward is expected to drop from 12.5 bitcoins to 6.25 bitcoins
Bitcoin Halving Countdown
Frequently Asked Questions (FAQ)
What is a Bitcoin halving?
From inception, the bitcoin network was issuing 50 Bitcoins every 10 mins. Four years on the network reduced to 25 bitcoins every 10mins and the most recent one 4 years ago saw bitcoin network reducing the issuing to 12.5. Therefore, we gather that the network is programmed to halve the rewards every four years. New bitcoins are issued by the Bitcoin network every 10 minutes. The upcoming halving will see a drop from 12.5 bitcoins to 6.25 bitcoins.
What will happen after Bitcoin halving?
Bitcoin having is when the number of bitcoins created per block reduces by 50 percent.
In a normal economic environment, any reduction in supply will result in the increase in price of the commodity. If the bitcoin markets response to the supply curve we are likely to see bitcoin price increase its value by at least the factor of 2.
What date is Bitcoin halving?
The Bitcoin halving is estimated to occur on the 12th May 2020. The experts have come up with the date from their calculations that bitcoin block will reach 630000 by this date. However, halving is not linked to any date it happens when the block size reaches 210,000 blocks
Does Bitcoin halving affect Altcoins?
Simple answer is Yes, this is because most altcoins respond heavily to any movement in bitcoin price and if bitcoin rockets upwards so will majority of altcoins.
What will bitcoin be worth in 2020?
Bitcoin is currently worth around 8,000usd. No one knows for sure how much it will be after the halving, but my best guess will be way higher than $8000. There may be a time after halving when the bitcoin will drop significantly, however, in my opinion the low prices will be short lived.
How many Bitcoins are left?
There are almost 2,6 million Bitcoins left to be mined into circulation. The maximum number of bitcoins in existence is only 21 million Bitcoins and the amount in current circulation is 18,4 Million that leaves only 2.6 million.
Is it a good time to buy Bitcoin?
It is never been a good time to buy bitcoin than now. However, I would advise you to seek your own financial advice because there is risk in any form of investing and bitcoin is not immune.