It seems like everyone is on the same bandwagon when it comes to the price of Bitcoin, which is expected to rise to new highs next year. Even Bitcoin bears share that opinion and see that Bitcoin has a potential – even despite the abrupt drop from $14,000 to $9,000 recently – to post all-time highs in 2020.
The latest cryptocurrency news show that the BTC price may be heading towards a new record high in 2020. CNBC’s Squawk Box show was one of the main media outlets reporting the news and showing that a prominent news anchor Joe Kernen emphasized the imminence of the next Bitcoin halving on the BTC blockchain protocol. Even Bitcoin bears believe that it could act as a major catalyst for the asset over the medium to long term.
In the recent couple of years, the Bitcoin price has been driven by supply and demand from the market, as many best cryptocurrency news sites reported. However, once the market cap of the asset grew, the impact of news and events started to drop.
This is where the block reward halving of Bitcoin steps in. As an event that occurs approximately every four years, it is expected to have a fundamental effect on the price of Bitcoin and its circulating supply. More importantly, even Bitcoin bears believe that BTC could rise because of the rate at which new BTC are mined.
On the Bitcoin blockchain protocol, users mine BTC in order to secure transactions and process payments using mining equipment as well as electricity. In return for the consumption of the resources, they are rewarded with BTC which is sold primarily through over-the-counter (OTC) markets.
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According to Kernen:
“With what we produce of gold every year, it would take 62 years to produce that much gold. If you do the same kind of analysis using bitcoin or silver or anything, you can come up with some of these flow metrics that are highly correlated. Silver I think is 22 years and gold is… and in the next halving, bitcoin, all of the sudden, gets close up to where gold is…. we will see anyway.”
Many technical analysts are in the Bitcoin and altcoin news for their bullish outlook on BTC for year 2020. Even Bitcoin bears are showing that new trajectories could be opened for BTC – and the price of the dominant cryptocurrency is more than likely to be positive.
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