We are less than a week from the next reward drop for Bitcoin, over time this will make BTC more scarce. During my years involved in crypto I can point to the halvings that seem to always have the most dramatic uptick in price. Its not the moment the halving takes place, but usually a few months in where price discovery moves upwards as less mined BTC are on the exchanges. Every four years this happens, its called the halving.
With rumors of BTC already being scarce that banks are buying BTC directly from miners instead of on exchanges to feed ETF inflows and such. I think this could drive price discovery to eye watering levels. source
With miner hashrates at all time highs there is no sign of slowing down for Bitcoin, and with more spot ETFs on the way in other countries for BTC this should increase volume as well. All good signs for Bitcoin moving forward.
source
I think by summertime or autumn we should see new all time highs again, its hard to say exactly when as its all up to the market. Of course there is no guarantee, but based on previous block reward drops that is what tends to happen.
For those who say it will be different this time and the halving will not have much of an effect, well it would seem like they are betting against history as all previous halving have had an uptick, why would this one be any different?
History tends to repeat itself.... How high it may go is the hardest to estimate.. but if you considered a 2.5x increase which is pretty conservative that would put the price of BTC in the $180,000 range.
Hopefully during this rally Bitcoin fees will be more stable, with the amount of infrastructure put into the Lightning network since the halving in 2020 I hope this offsets some of the traffic demand and helps scaling.
What could this mean for Hive, probably all time highs as well. Usually BTC rallies and altcoins follow. Looking forward to watching crypto for the rest of this year.
Posted using STEMGeeks
