Bitcoin prices are predicted to break new highs due to Halving Day 2020

Posted by: admin 5 years, 8 months ago

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The discourse

The discourse on Halving Day Bitcoin in 2020, which is predicted to increase the price of Bitcoin, is again a conversation in the cryptocurrency community in Indonesia, after the Founder and CEO of Indodax predicted that Bitcoin prices would rise like Halving Day in 2016.

Gabriel Rey, CEO of the crypto exchange Triv.co.id and Tpro.co.id also revealed similar predictions. Rey is even convinced, the bullish trend of Bitcoin will occur through the price of US $ 20,000 per BTC which was previously formed in December 2017 ago. This is the peak price of Bitcoin since its appearance in early 2009.

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"I predict, if Bitcoin in 2020 can rise above US $ 6,000, then bullish will occur targeting US $ 25,000," he said in a statement received by Kontan.co.id, Saturday (3/16).

According to Rey, Bitcoin is fundamentally stronger, such as the presence of Fidelity Digital Asset, Lightning Network, Bakkt and many more.

"If there is a FOMO (fear of missing opportunity), it will be greater than FOMO in 2017. Moreover, Bitcoin users are now much more," said Rey, who has been in the Bitcoin world since 2014.

However, Rey reminded, Bitcoin prices will still be bearish this year if they have not been able to break out from the level of US $ 6000. Currently, Bitcoin is again moving sideways in the range of US $ 3000 to US $ 4000.

To Bitcoin investors, Rey suggested buying Bitcoin when prices were above US $ 6,000.

"I suggest, if you want to be safe, buy Bitcoin when the price is above US $ 6,000. However, for those who are risk takers, if they want entry now it is also not a problem, yet the price has dropped 90 percent. Even if it goes down again, at most +5 percent (to 95 percent). But this is accompanied by greater capital gains, "he added.

Halving Day refers to the standard concept in Bitcoin, which is a reward per block to miner which is reduced by half. This happens every 4 years or every 210,000 blocks.

This reduction will have an impact on the availability of Bitcoin as a whole so that Bitcoin has the potential to become more expensive because it allows demand to exceed the supply in the market.

In other words, the amount of supply increases, but is smaller than before. Remember, the number of Bitcoin is limited to a maximum of only 21 million units. As of March 15, 2019, there were around 17,589,650 units in circulation.

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