The days have clocked down to a month for the Bitcoin halving to take place. As a result, the online search for BTC halving has skyrocketed globally in the past few weeks, according to Google trends. Most people in the United States have been looking out for ‘Bitcoin halving countdown’, and also ‘Bitcoin halving price chart’.
Globally, most people have been searching for ‘Bitcoin halving price prediction’, and also ‘Bitcoin halving 2020′. It is an indicator that a significant huge number is watching how the crypto space will evolve before and after the halving.
With Bitcoin as the mother crypto asset, its fundamentals largely affect the altcoin market, with the top ones moving similarly with BTC. However, the crypto sphere is currently gripped by fear due to the ongoing coronavirus, which has tumbled the traditional markets.
Volatility is expected to increase as the event nears, and also post the event. This is because the crypto market is largely controlled by speculative trading, and fear is a huge factor in the market price.
What Analysts Say about the Bitcoin Halving
According to the head of research at TradeBlock, James Todaro, Bitcoin’s price will skyrocket after the halving. He said, “following the bitcoin halving, miners’ estimated breakeven cost will rise from $7,000 today to $12,000- $15,000 per BTC after. I would not be surprised if we see Bitcoin prices rise above these levels so that miners remain profitable.”
Another popular analyst by the twitter name, ‘PlanB’ said, ‘to maintain $7,000 since October 2017, Bitcoin must have had about $400 million net cash inflow every month for the last 2.5 years!’ He concluded that “after the halving, we only need $200 million per month to keep $7k level. If $400 million stays, the price will skyrocket.”
However, according to the Founder of Social Capital, Chamath Palihapitiya, Bitcoin will either die or moon after the halving. He thinks that Bitcoin stands a 50% chance of soaring to millions of dollars.
Will the High Number of Searches Reciprocate on the Market Price?
With the surge in the google search of the event, several possibilities can be deduced from it in regard to Bitcoin. First, not all people searching for the event will put their money into the asset, which moves due to an increase in market cap.
On the other hand, since the crypto market is largely controlled by speculative trading, the surge in halving search might fuel more investors to accumulate the asset. In return, the price will soar.