The days have been shortened to a month for Bitcoin halving to take place. As a result, the online search for Bitcoin halving has skyrocketed globally in recent weeks, according to Google Trends. Most people in the United States have been searching for the “Bitcoin Halving Countdown” and also him "Bitcoin Halving Price Chart".
Globally, most people have been searching for "Bitcoin halving price prediction" and also "Bitcoin halving for 2020". It is an indicator that a significant large number are watching how the cryptocurrency market will evolve before and after halving.
With Bitcoin as the mother crypto asset, its fundamentals greatly affect the altcoin market, and the majors move similarly with BTC. However, the crypto sphere is currently trapped in fear due to the ongoing coronavirus, which has brought down traditional markets.
Volatility is expected to increase as the event approaches. This is because the cryptocurrency market is largely controlled by speculative trading, and fear is a huge factor in the market price.
Opinions of some analysts on the halving of Bitcoin
According to TradeBlock head of research James Todaro, the price of Bitcoin will skyrocket after halving. He said:
After Bitcoin's halving, the miners' estimated equilibrium cost will rise from $ 7,000 today to $ 12,000 – $ 15,000 per BTC later. I wouldn't be surprised if we see Bitcoin prices rise above these levels for miners to remain profitable. ”
Another popular analyst by the Twitter name, "PlanB," said:
"To maintain $ 7,000 since October 2017, Bitcoin must have had a net cash inflow of $ 400 million each month for the past 2.5 years!"
He concluded by saying that:
“After halving, we only need $ 200 million per month to maintain the $ 7k level. If the $ 400 million remains, the price will skyrocket. ”
However, according to the Founder of Social Capital, Chamath Palihapitiya, Bitcoin will die or disappear after halving. He thinks Bitcoin has a 50% chance of rising to millions of dollars.
Will the high number of searches correspond to the market price?
With the increase in Google searches for the event, several possibilities can be deduced regarding Bitcoin. First, not everyone looking for the event will put their money into the asset, which is moving due to an increase in market capitalization.
On the other hand, since the crypto market is largely controlled by speculative trading, the increased search for halving could drive more investors to accumulate the asset. In return, the price will skyrocket.