It is now no longer news that less than a week ago, there was an unexpected and pretty shocking price surge that saw Bitcoin crossing over $5,000 for the first time in about four months.
This spike also affected other coins as their values also increased by a considerable margin. The news came with a lot of excitement for investors and cryptocurrency proponents but also left a sour taste in the mouths of naysayers and people who seemed to always air their distrust of the sector.
However, a recent post by a user named ‘Smilinmong’ on the r/CryptoCurrency thread on Reddit seems to predict a change in the market and encourages people to be ready for it. The post said:
“Three 7,000 BTC buy orders were the catalyst for this recent pump. That’s 0.1% of the supply bought up instantly. In 416 days the number of bitcoin created every 24 hours cuts in half. 328,500 LESS bitcoin will be created per year. This pump was just the start. Be ready.”
Will there be a Dump in the Near Future?
There are many reports that have corroborated Smilinmong’s claim that an unprecedented amount of BTC was bought at the same time. The whales surprisingly moved these huge amounts – which constitutes 0.1% of the entire available BTC – from some major exchanges to unknown wallets.
This is a significant cryptocurrency pump that saw the price rising considerably. Regardless it is necessary to consider the likely effects of a possible and almost inevitable dump. Anyone who has any interest in the sector – especially hodlers – has to wonder what will happen when the movers and shakers decide to dump their BTC.
How will the next Bitcoin Halving Impact the Market?
The current price which is still above $5,000 is a little exciting but is still nothing compared to the all-time high price of $19,783.06 which happened in December of 2017. However, with just a little over 400 days left till the next halving, there’s a chance that there’s still good time before a dump occurs.
It’s still too early to predict definitively, how people will react but a fair question to be asked is – how long will BTC stay above $5,000? A few months ago when it was below $4,000, there were some predictions by analysts that any surge that shoots the price above $4,500 will make it almost impossible for the price to ever drop below $4,000.
However, with the possibility of a dump and the halving coming next year, one might wonder whether or not these predictions should be taken with a pinch of salt.
