- Reaction score
- Bitcoin is on the edge of an explosive bull rally
- Bitcoin would be worth millions of dollars one day – former Facebook executive
- The coming BTC’s halving is the perfect storm for the digital currency
Since then, the price of Bitcoin (BTC) has recovered to about $7,300, which is its price at the time of writing. The high volatility in the price of the digital currency has left many analysts and investors wondering what will happen next with BTC.
Bitcoin on the Edge of an Explosive Bull Rally
Chamath Palihapitiya – Former Facebook executive – recently said that there is now a 5 to 10 percent chance that BTC will be worth millions of dollars one day. A few months ago, Elon Musk – the CEO of Tesla – pointed out that he is not convinced that the digital currency could become a major database for money across the globe.
Furthermore, Ray Dalio – the founder of Bridgewater Associates and billionaire investor – believes investors will turn to gold instead of Bitcoin during a potential crisis in the major fiat currencies of the world. The excitement around the price of the digital currency may only surge enormously over the next 34 days, as the next Bitcoin halving event approaches.
This would be the third halving event in the history of Bitcoin, and it would see the reduction of the number of new BTC created about every ten years by 50 percent. This significant change in the issuance rate of BTC is designed to happen every 210k blocks, which is about every four years.
The Forthcoming Halving Is the Perfect Storm for Bitcoin
Recently, Matt D’Souza – the CEO of Block ware Solutions – talked about the effects of the forthcoming halving event. His firm recently released a full report on how the level of efficiency achieved by Bitcoin miners has greatly affected the price of the digital currency. The report also has some information about this mining-related occurrence in the context of the halving. During the interview, D’Souza said, “It’s kind of like this perfect storm for Bitcoin.”
Bitcoin Price Action
Bitcoin (BTC) and the majority of coins in the market seems to have entered into another session of sideways trading. Bitcoin has been locked within the lower $7k region, with the bulls struggling to break over the immediate hurdle close to the $7,400 mark. However, the digital currency seems to be strongly supported around the $7,100 and $7k levels.