What will happen to Bitcoin in 2019
The last halving event took place on May 11, 2020, which reduced the reward for miners by 50%. Over time, this tight supply should create a bullish scenario for the asset. If we look back on previous halving events, we can see that the cryptocurrency has typically made significant gains in the 12 to 18 months, both before and after the halving.
This time it was no different given the 181% uptrend we've seen since the $ 3,126 low formed in December 2018. Looking back at the price movement of the last 17 months before the halving, this high could seem a bit underwhelming.
This is due to a number of factors. To begin with, the logarithmic nature of the chart suggests that historical comparisons can be difficult. The $ 5,639 surge seen during this pre-halving period completely overshadows the high of $ 463.00 (2015/16) and $ 10.58 (2012) combined.
From a percentage point of view, the 180% high appears low compared to the two previously observed increases of 277% and 531%. However, it can be expected that the upward trend that we see in each phase will normalize as the Bitcoin price rises.
From a historical point of view, the strongest upward trend develops after the halving, with the two previous events causing enormous highs of 3031% (2017) and 9780% (2013). This suggests another potential period of significant upward movement in the 12 to 17 months following the May 2020 event. However, expectations of an increase near the previously observed levels of 3031% to 9780% seem a bit far-fetched.
The pre-halve rate of increase increased from 531% to 277% and then to 181%, and the post-halve time could have a significant impact, given the previous 9780% and 3031% moves. From this perspective, an increase of 1000% between May 2020 and the next halving in 2028 does not seem so absurd.
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