Well, most awaited event of 2020 in cryptocurrency space i.e. Bitcoin Halving is just few days to go and every crypto trader is eagerly waiting for the Bitcoin prices to go up. As per recent research by Pantera Capital, historically Bitcoin rallies have lasted for an average of 446 days post the halvings, in other words we might see Bitcoin price peak around August 2021.
Bitcoin Bull Rallies Lasted For An Avg. 446 Days Post Halving- Pantera Capital
According to a recent report published by bloomberg, citing Pantera Capital’s research,
historically Bitcoin has bottomed 459 days prior to halving, risen leading into the event and exploded to the upside afterwards
Tracing the history, past Bitcoin halvings have caused the Bitcoin prices to peak and on an avg. these bitcoin rallies lasted for 446 days. As can be seen from the graph above post first Bitcoin halving in 2012, the prices soared from $12 to $1000, and again post-second Bitcoin halving in 2016 the prices soared about 1000%.
The rise in prices is not immediate and it took a considerable number of days for Bitcoin prices to peak. There are many predictions regarding the Bitcoin prices amid ongoing Halving frenzy and many experts have predicted prices as high as $250,000 per bitcoin by 2022.
The crypto and blockchain companies have witnessed multifold growth in their revenues as well as the workforce over the last few years with companies like Coinbase, Binance, OKEx leading the industry. The industry is poised for growth and amid ongoing COVID-19 pandemic, it’s just a matter of time we see cryptocurrencies adoption rates rise to all-time highs.
Do you also think Bitcoin price would hit an all-time high coming August 2021?