What to Expect When You’re Expecting… the Bitcoin Block Halving
Many industry experts hold varied expectations for Bitcoin’s price following the block reward halving in May, proving 2020 is anything but mundane.
“On both prior occasions, Bitcoin surged to a new all-time high within 12 months, with the latest coming in December 2017 when the price reached about $20,000, which was followed by a massive decline,” Bill Herrmann, CEO of alternative investment banking firm, Wilshire Phoenix, told Cointelegraph in an email on March 10.
Herrmann also pointed out that Bitcoin’s market has matured compared to past years, noting that information available to investors is much more widespread.
“From a fundamental standpoint, it’s not like the halving only has a one day affect – it will take time to see the actual ‘real’ effects in the market,” he explained. “Additionally, more institutions are involved, particularly in the trading of CME Bitcoin futures,”he said, adding:
“When all of these factors are considered – I believe that the halving will be more along the lines of a ‘sell the news event’ or possibly even followed by muted prices.”