Bitcoin halving hype usually starts one year before the halving. Not we are 70.000 blocks far from the next halving. What that means is that instead of 1800 bitcoins that are minted daily, miners will be able to mine only 900 Bitcoins daily. It is known that miners are the biggest sellers because they have to pay for electricity and other bills. All this means that demand for bitcoin will increase.
Bitcoin price is still in a bear trend but even after the withdrawal of CBOE, VanEck, and SolidX’s ETF the price slightly moved. Also, Back and Ethereum hard fork have been postponed the last month.
We are more than a year before the next bitcoin halving and tweets started popping up. Here it is some of the most interesting we found on Twitter:
People calling for 1K #bitcoin don’t realize the halving pump traditionally starts a year ahead of time
The next halving is May 2020, meaning we are only a few months away from the start of the pump
Are we really going to dump another -70% in the next few months? Doubt it
— Moon Overlord (@MoonOverlord) January 23, 2019
Less than 70,000 blocks until the next #Bitcoin halvinghttps://t.co/cnLYehmcFK
— Dennis Parker⚡️ (@Xentagz) January 26, 2019
#Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date
The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year
In which case you’d only have a few months left to buy $BTC at this low of price pic.twitter.com/aWDIHWDyKC
— Moon Overlord (@MoonOverlord) January 23, 2019
2019’s RSI and Chart look very similar to the 2015 chart.
Black lines are Bitcoin Halving dates.
Maybe the bottom is in. pic.twitter.com/AhoMByIW3M
— Trader Jones (@Jones__Trader) January 26, 2019
Bitcoin miners are natural sellers, they have to sell to pay for electricity. Miners sell on average 30*24*6*12.5 = 54.000 BTC each month.
After the halving (May 2020) they only have to sell 27.000 BTC .. imagine what happens with price if that much sell pressure disappears! pic.twitter.com/ZjWyhZ3iOt
— planɃ (@100trillionUSD) January 23, 2019
Do you think bitcoin hit the bottom and the uptrend is about to start or will have more downside?
Post your thoughts in the comments below.