The Bitcoin halving 2020, who lived up to the hype?
As one of the most anticipated and talked about events in the crypto space, many famous crypto figures have been sharing their thoughts and predictions. If you missed out, you could check out some of the predictions in our latest content.
So, what has happened after halving? Has he been living up to the hype? Has there been a dramatic rebound? Are there any predictions that have become reality so far?
The “festivities” when the half-halved Bitcoin account ended were pretty “Christmas”. With 11.9K tweets, # BitcoinHalving2020 was trending in the top 10 on Twitter, while the crypto-Twitter community, including Bitfinex, to be seen celebrating as if it were New Year’s Eve.
Meanwhile, some crypto media and personalities also had “parties” halving a live Bitcoin account. The event also received widespread coverage from various mainstream media, such as the BBC, Reuters, CNN, and Forbes.
Apart from the festivities, only within 3 hours of halving; Bitcoin saw a short-lived volatility that brought the price down to $ 9,100 and $ 8,200. Many crypto analysts said more volatility is expected in the coming months.
With regard to post-halving transaction fees, it is necessary to see if it would increase as many had anticipated. After reaching $ 5.160 at 14th May, which is the highest so far within the last six months, can be seen by Bitcoin’s average transaction fee declining. As of the time of writing, the average fee is $ 4.092.
Bitcoin hashrate, meanwhile, is showing a declining trend, which is as predicted, after hitting its ATH – 137.5713 EH / s – some time during the halving day. It is at 85.8065 EH / s as per the write time. One of the possible reasons is that since the price of Bitcoin has not yet seen an increase, some miners may decide to close their mining devices.
As hedge fund manager Matt D’Souza tweets, “IF Bitcoin is staying here or trending lower, this is the start of closure. These shutters will provide some much-needed short-term edge relief for surviving miners after a 50% cut in revenue. If there are Bitcoin rallies, the shutters will not have to happen. ”
He continued past saying, “Most important factor: 2016 as a precedent: rally 80% going to halve – correct 30% but bottom and continue to rally within 3 weeks. We didn’t rally this time and we corrected 20%. I expect to start a rally again within 2-3 weeks which relieves pressure on miners. ”
Meanwhile, Morgan Creek Digital co-founder Jason Williams feels bullish like him tweets, “#Bitcoin looks so solid after halving. Looks like we’re going up from here folks. Can’t see what’s going to get in the way of this animal. ” Follow by, “I’ve been buying here. Definitely feel there is little chance of dipping to 6800. ”
When asked about his post-halving opinion, PlanB it also has a bullish outlook on Bitcoin. Sharing his predictions with us, the crypto personality with 101.5K followers on Twitter said, “Short-term prediction is difficult, I’ll stick to my longer-term 2021-2024 range of 55-288k.”
In the past, Bitcoin’s halving events were always followed by extreme volatility. That said, a positive trend in the Bitcoin price that eventually led to a bull run was also linked to the halving events. In 2012 when the first halving occurred, it took about 12 months for Bitcoin to make historical gains of nearly 8,000% which brought the price from $ 12 to about $ 1,000. The second time it happened in 2016, it took a little longer – 17 months – for Bitcoin to go from $ 650 to its ATH, $ 20,000.
Now that the block reward has been reduced to 6.25 BTC, Bitcoin’s creation speed is slowing, meaning there will be a lower overall supply of Bitcoin. Some experts believe that given the current global situation with the ongoing pandemic as well as the worldwide economic recession, many people are looking for a safe financial haven, which is said to bring an influx of interested in Bitcoin.
Where do you think we’ll go from here?
Seconds after Bitcoin’s halving may make some people feel uneasy as so many different analyzes and predictions are circulating in space. However, as brilliant strategist Sun Tzu said, “In the midst of chaos, there is opportunity too.”
Whenever the time is right for you to seize the opportunity, Bitfinex is here, and we’re ready to serve you and give you the ultimate trading experience.