Amidst the ongoing Bitcoin bear market that is the longest one ever, crypto trader Moon Overlord shares the upcoming events that are the most bullish in the crypto history.
Most bullish Events in the Crypto History
Bitcoin is officially in its longest bear market ever and the entire crypto market cap has come down to $114 billion from the peak of over $800 billion. Currently, Bitcoin is trading around $3,474 down 82 percent from its all-time high. Meanwhile, Ether has lost over 91 percent of its value at $108 and Litecoin is down 90 percent at $33.93.
Crypto market broadly is expected to be in consolidation throughout this year. However, Crypto Trader, Moon Overlord shares the most bullish events in the crypto history.
“LTC is halving in August of this year
ETH is reducing its block reward by 33% in February
BTC is halving in a little over a year
Block reward reductions and halvings are the most bullish events in crypto history, it’s time to pay attention and start accumulating.”
Bitcoin has a fixed amount of supply capped at 21 million coins that allows the leading cryptocurrency to be less inflationary than the government printing notes. When it was launched in 2009, Bitcoin mining reward was 50 Bitcoins which was cut down to 25 with first halving.
Now, the Bitcoin block mining reward halving that occurs every 210,000 blocks is scheduled for 25 May 2020 at 05:57:30. With this halving, the coin reward will decrease from 12.5 to 6.25 coins.
In the past, a year before the Bitcoin halving, Bitcoin price rose dramatically. Moon Overlord had previously stated that traditionally the prices start pumping a year before, which means this year in May we could see an upward movement as well.
#Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date
The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year
— Moon Overlord (@MoonOverlord) January 23, 2019
When it comes to Ethereum, its rescheduled hard fork Constantinople coming on February 27 will be reducing the block reward. Ethereum Improvement Proposal (EIP): 1234, Constantinople Difficulty Bomb Delay and Block Reward Adjustment introduced by Afri Schoedon will cut down the reward from 3ETH to 2ETH.
“The average block times are increasing due to the difficulty bomb (also known as the “ice age”) slowly accelerating. This EIP proposes to delay the difficulty bomb for approximately 12 months and to reduce the block rewards with the Constantinople fork, the second part of the Metropolis fork.”
Coming onto Litecoin, its block reward halving is coming this year on 8th August at 04:10:55. The Litecoin block mining reward that halves every 840,000 blocks will reduce the coin reward from 25 to 12.5 coins.
The #Litecoin halving is quickly approaching
LTC bottomed approximately 200 days before it’s halving in 2015
We are almost exactly 200 days away from the next $LTC halving
LTC peaked 2+ years after it’s halving, If it follows a similar path this time the peak will be in 2021 pic.twitter.com/UbsQdEmhnN
— Moon Overlord (@MoonOverlord) January 29, 2019
According to Moon Overlord, “LTC halving coming up and the TA in BTC and USD is bullish,” and further shares, “The reality is LTC has one of the strongest mining networks and communities and I fully expect it to recover.”