Bitcoin price rises after the halving event.
- The price of bitcoin raised from USD 10 to 1000 USD after the first halving in the year
2013, and From $1000 to $20K after the second halving event 2017.
- As per a few crypto players, bitcoin price will have no effect after third halving, while
others believe it will have a positive impact on the price of bitcoin after a third halving
event of 2020.
Smaller wallets of bitcoin on the rise since the second halving event. The bitcoin addresses number having a balance of less than 1 bitcoin has raised by 100% since the second halving occurred in July 2016. The bitcoin address number has raised with the board since the second halving event, but the small wallet number having a balance of 0.1 BTC saw a huge improvement.
After the third halving event, it raised to around 235% if compared to the second halving event in July 2016 exceeding ten million. Those addresses having balance in the range of 0.01 and 0.1 BTC that is around $86 – $860 with the rise of 204% and the number of those with around 0.1 BTC but less than one BTC that raised to around 142%.
Let us discuss the history of bitcoin response after halving event
- The first bitcoin halving happened in November 2012 when the network crossed 210,000 blocks.
- The event took place by trading and traders all over the world hosting the halving events with the prices rally from $4 at the beginning of the year 2012 and reached $13 at the end of the year 2012.
- The second halving event occurred in the month of July 2016, but the anticipation peaked the month before the event and resulted in sell-off by few investors and market watchers were more practical in this period.
- But by the beginning of the year 2017, prices had reached around $1000 and then rocketed close to $20,000 at the end of the year 2017.
- Sliding again back to the mid of $3000 at the beginning of 2019, price rally again occurred in the anticipation of third halving.
- The price is now more than 30% this month at around USD 8,86 with the market watchers expecting the next halving event for adding significant value to the bitcoin in the line with previous events.
- The bitcoin halving is always leaving a positive effect on the price of bitcoin. In the year 2013, the price raised from USD 10 to USD 1000, and in the year 2017, the price raised from USD 1000 to USD 20000 after the first and second halving respectively.
The history suggests that the price rises after the halving event. Bitcoin has experienced one in every four-year event, and this is the third halving that has cut the miner block reward from 12.5 BTC to 6.25 BTC.
So this way bitcoin responds after every halving event and this same thing is predicted for this halving event 2020 too. Just like two previous events' positive impact on the price of bitcoin, this third halving event of 2020 will not affect the price of bitcoin as per some crypto players. But others are sure that the price of bitcoin will be affected due to the cut in the bitcoin supply. Bitcoin halving event just happened but the party of halving continues, so all are waiting what will be the impact on to the price of the bitcoin? The price showed to be reduced to 8795 USD.