The world’s largest digital currency Bitcoin is showing a 127% rise in its price since the year 2018.
On 15th Dec 2018, the price value of the coin came down at $3122 when the bear market has bottomed out. From that time onward, Bitcoin is up 127%.
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Bitcoin bearish market stood at $150 in Jan 2015 and that happened almost 18 months before the next event of July 2016. The next Bitcoin halving event will be held in May 2020 and halving event, mining reward will decrease from 12.50 BTC to 6.25 BTC.
Bullish Breakout in second Quarter of 2019
It was being expected that Bitcoin will show a bullish rally before the halving event. The price of the coin showed an upward movement on 2nd April moving from $4130 to $5100. This bullish breakout in Q2 brought an increase in the expectations for pre-halving Bitcoin rally.
Bitcoin price was then surged to $13000 mark on 26th June after going back at $7500 for a short period of time.
Effect of Facebook’s Libra on Bitcoin
Later on, Facebook’s cryptocurrency Libra affected the price of Bitcoin and BTC bears get dominated in the market. Facebook’s Libra project was facing regulatory issues and President Donald Trump called for banking regulations for Libra.
At that time it seemed that the Libra project will soon be disclosed and this really affected the price of Bitcoin. And in the third quarter, the price value of coin decreased by 23% reaching the $7300 mark.
Analysts’ Expectations for Bitcoin
The pre-halving period of bitcoin has not started well this time as the digital asset has seen a fall of 17.5 percent in the month of Nov. Analysts have different expectations from Bitcoin in the future.
The managing member of the hedge fund Lightning Capital and an adjunct professor at Baruch College, Charles Hwang says that the upcoming halving event will pull the price of the coin up to the figure of $20000.
Apart from this, a crypto trader Plan B has claimed that the next halving event will prove very bullish for the coin and the value of the coin will touch the mark of $60000 after it.