The next Bitcoin reward halving is quickly approaching and there are only 164 days left. Despite this and the fact that Bitcoin price dropped last month, the hash rates on Bitcoin (BTC) as well as Bitcoin Cash (BCH) chains have remained stable. In the face of the next halving, a number of miners have been accumulating crypto coins, since generally after reward halving we see a rise in crypto prices. Together with this, according to recent analysis, despite the bearish price trends in recent months, things might be heading in a positive direction for the crypto community.
Looking closely at halving cycles, we can see that the current pre-halving course is very similar to the previous two ones. Each cycle consists of 210,000 blocks, which is four years. Right before the end of each cycle, there can be seen major price lows, and post-halving highs are also the standard. This is one of the reasons why many crypto enthusiasts have high predictions for Bitcoin in 2020 and onward. Yet, the cycle peaks are also expected to be lower than previously each time. Even with this prediction, the Bitcoin price could potentially hit 80,000 USD.
As Bitcoin mining is going to happen in May 2020, a month before, the Bitcoin Cash halving will happen. This gives way to a lot of speculations. There is a hypothesis that as some businesses dropped Bitcoin and moved to other crypto coins and as many Bitcoin owners turn from users to HODLers, the Bitcoin Cash halving will somehow affect the price of Bitcoin.
However, as the supply of Bitcoin lowers after the mining and the interest grows, there is a reason to expect that 2020 will be a good year for Bitcoin. As in 2019 the first crypto coin’s price also drastically grew after the crash of 2018.