Will Bitcoin’s Impending Halvening Lead to Bull Run?

By Swati Kishore

With cryptocurrency markets struggling to recover since the past 1 year or more, most digital currencies are touching their new lows. However, such market turmoil doesn’t seem to faze Bitcoin proponents who are upbeat about the imminent shift in the issuance rate of the world’s largest cryptocurrency. Will Bitcoin’s halvening lead to a surge in its prices? There are chances that this might just become true.

Bitcoin’s supply schedule sets it apart from the fiat currency that is issued by the government. In a tweet, the founding partner of Blockchain startup incubator Rhythm Technologies, Alec Ziupsyns remarked how Bitcoin will become less inflationary than the central banks across the world.

Ziupsyns said in the tweet that the ‘halvening’ will occur in 482 days. Once the halving is successfully underway, the number of Bitcoins minted each day will fall from 1800 to just 900. Hence, Bitcoin’s inflation rate, which is decreasing continuously, will only be 1.8%.

Often touted as the ‘digital gold’, Bitcoin’s protocol will allow the pioneering digital currency to be less inflationary than most central banks whose inflation targets are often ~2%.

Bitcoin pundits are of the view that the halving of the Bitcoin supply will result in increased demand for the crypto.

With the crypto industry still in its nascent stages and the mass adoption of digital currencies for real-world use cases still not in sight, it is hard to say whether Bitcoin halving will rev up a long term bull run just yet. However, in a market driven by speculation, we cannot rule out that the hype surrounding the impending halving will result in a surge in the prices of Bitcoin.

As per the pseudonymous cryptoanalyst, Moon Overlord, who boasts thousands of Twitter followers, he sees a bottom forming for the price of Bitcoin. And ‘as per historical trends,’ claims Moon Overlord, Bitcoin’s prices have started to surge at least one year ahead of its halving date. If that is true, we should keep our fingers crosses for BTC which has been underperforming for more than a year now.

Many Bitcoin personalities like Dennis Parker have already begun the countdown. Parkers tweeted on January 26, 2019, that there are ‘less than 70,000 ten minute Blocks until the halvening.’