New Signal: Bitcoin Price Become Volatile Infront of Halving Event Today!
New Signal: Bitcoin Price Become Volatile In-front of Halving Event Today!
During the past couple of months, we have seen the price of Bitcoin moving sharply higher as investors and traders open and hold position expecting higher prices from the upcoming “Halving” event. The Halving event is going to cut the reward that bitcoin miners get in half. This event is integrated into the bitcoin code and it happens every 4 years. As a result, miners will receive half the amount they use to get and there will be less supply in the market that should result in higher prices in the long run.
The last halvings events of 2012 and 2016 did not instantly result in price spike as buyers bought before the event and sold into it… In 2012, price fell post-halving event and in 2016 it went up before the event and drop back down few months later. However, on the longer term, bitcoin price went sharply higher in both events. In 2012 price move from 12$ to $1,00 within a year and in the second event of 2016 price rose from $650 to $2,600 within a year and then continued to the all times highs mark just under $20,000!
Looking at the chart, we can see the recent run in price we had from $7,000 level to $10,000 and the selloff that went to test the $8,000 price support level as traders took some profits into the upcoming event schedule for later today. Considering the above, we see an opportunity to buy at lower prices into and post event as volatility will create opportunities.