In 2020, the Bitcoin market has once again attracted attention. Bitcoin mining rewards are about to be halved, an event that is believed to have a major impact on the entire cryptocurrency market. With the countdown to less than 100 days, all walks of life around the world are paying attention to the future trend of Bitcoin. This article will explore the trend of the Bitcoin market in 2020 from different angles, as well as the possible impact of the halving of the Bitcoin mining reward on the market.

As one of the most well-known cryptocurrencies, Bitcoin has always attracted much attention. Its price fluctuates greatly, and market risks and opportunities coexist. How will Bitcoin perform in 2020? What impact will the Bitcoin mining reward halving have on the market? Let’s dig into it.

First, let’s review Bitcoin’s historical performance. Since the birth of Bitcoin in 2009, its price has experienced many ups and downs. At the end of 2017, the price of Bitcoin once exceeded US$20,000, triggering a global craze for cryptocurrency. However, prices subsequently fell sharply, sparking concerns in the market. Will the price of Bitcoin reach new highs again in 2020? This is a question that many investors in the market are concerned about.

Secondly, the Bitcoin mining reward halving will occur in 2020. This means that Bitcoin’s mining rewards will be halved, reducing the supply of Bitcoin. According to the design of Bitcoin, the mining reward is halved every time 210,000 blocks are mined. This mechanism is designed to control Bitcoin’s inflation and maintain its scarcity. However, how will the Bitcoin market change after the halving?

Bitcoin prices have tended to fluctuate during past halving events. Some people believe that the halving event will stimulate market demand, thereby driving up the price of Bitcoin. They pointed out that the supply of Bitcoin after the halving is reduced and Bitcoin becomes more scarce in the market, which will have a positive impact on the price. In addition, some investors will also rush to make arrangements, hoping to make profits before prices rise. Therefore, the Bitcoin halving event in 2020 may become the trigger for Bitcoin prices to rise again.

However, there are also conservative views. They believe that Bitcoin prices are highly volatile and market risks cannot be ignored. Although the halving event will have a certain impact, it will not necessarily lead to a significant increase in the price of Bitcoin. As market uncertainty increases, investors need to remain cautious and avoid blindly following the trend.

In addition to the price impact, the Bitcoin halving may also have an impact on the Bitcoin mining industry. Mining is the core of the Bitcoin network, and after the halving, the cost of mining will increase. Miners who rely on mining for profit may face greater challenges. However, for those miners with larger scale and strong technical strength, the halving event may bring new opportunities. They can obtain more Bitcoin rewards by increasing their computing power and reducing costs.

To sum up, the Bitcoin market in 2020 is highly anticipated. The Bitcoin mining reward halving will be an important event for the market and may have an impact on the Bitcoin price and the mining industry. Investors need to pay close attention to market dynamics, view price fluctuations rationally, and seize investment opportunities. No matter how the market changes, Bitcoin, as a new digital asset, will play an important role in future development. Let us wait and see what the future holds for Bitcoin.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Bitcoin is likely to profit from the rapid decline in Asian stock markets due to the threat of the novel coronavirus. Cryptocurrency analysts believe the number one cryptocurrency by market capitalization will soon reap gains. In addition to this, the halving event is happening soon. There are currently less than 98 days until the halving event. Most market commentators are optimistic about the impact of the Bitcoin mining reward halving.

Bitcoin price exceeded the $9,600 mark for the first time since November 2019. Nonetheless, the weekend trading session was also dominated by a sharp consolidation between $9.200 and $9.600. Bitcoin’s current market cap is $170 billion. An attempt to surge towards the $9.700 resistance succeeded in increasing the selling pressure.

Interestingly, the current consolidation in the major indicators allows the bulls to proceed with the breakout. As long as the price remains above the uptrend line, Bitcoin could set new 2020 highs. Bitcoin currently has a limited trading range and its volatility levels remain very low.

As previously reported, Bitcoin prices recorded their best January in seven years. It rose 10% last week and is up nearly 30% since December. This trend coincides with a similar rally in January 2013. At that time, the price of Bitcoin increased by 54.5%. 2013 has been Bitcoin’s best year so far. If current price action continues, new highs are likely. The total market capitalization of cryptocurrencies exceeds $260.2 billion, and Bitcoin’s dominance remains at around 65.3%.

Bitcoin mining reward halving getting closer

Many people believe that the Bitcoin mining reward halving event is the most important factor affecting its price trend. During and after this period, Bitcoin’s price has historically surged. This time is no different, with the cryptocurrency world seemingly divided on Bitcoin’s price. Some believe that Bitcoin’s price will plummet due to reduced block mining rewards.

One would generally assume that as demand for Bitcoin increases, the price will increase following the mining reward halving event. On the other hand, others believe that the event will keep the BTC price unchanged. They believed that since the event had already received a lot of press hype, nothing would change.

In a tweet on February 1, the well-known asset rating agency Weiss
Ratings gives a clear summary of Bitcoin price performance during the last two block reward halvings. Weiss is convinced that these events have helped Bitcoin’s price rise. In the first event, which occurred in late November 2012, Bitcoin was trading at $12. Four years later, the second halving occurred, and Bitcoin was at $652.

With average Bitcoin gains exceeding 30% in January, expectations are at an all-time high. Many believe that price action will be closer to $12.000. The only question left now is how high Bitcoin will go this time.

As we have highlighted before, Tom Lee and other Bitcoin supporters are convinced that the price of Bitcoin will rise to $27,000 in six months. However, there is another group of analysts who believe that the price will not rise that high because miners may drive the price down.

The 2016 mining reward halving event somewhat delayed Bitcoin’s all-time high of $20,000 during the bull run that occurred a year later. In a similar vein, some commentators predict that the overall block reward will be cut in half this year to 6.25
BTC. Other statistics hint that 2020 will be a big year for Bitcoin.

For example, a mining reward halving would lower Bitcoin’s issuance rate below gold’s issuance rate and the Federal Reserve’s currency issuance rate target. Taking into account the historically relatively accurate price model S2F, which successfully demonstrated the impact of a reduced supply of Bitcoin, Bitcoin could reach an all-time high of $100,000 in 2021.

possible situations

So far, there are four possible scenarios depending on different block time metrics. Each of these scenarios is a moving estimate, and the displayed graphs, timestamps, and hashes are recalculated daily.

The average daily block time represents the average execution time of each Bitcoin block mined one day ago. The number of remaining blocks to be mined until the next halving is multiplied by the average daily block time to estimate the number of days remaining until the next halving. Use this metric to determine the timestamp of the next halving.

Option 1 predicts that the Bitcoin mining reward halving will occur on May 12, 2020 at 12:29:11 UTC based on the average daily block time (ETA). Option 2 According to the cumulative average block time (CETA), the Bitcoin mining reward halving will be at UTC
Conducted at 12:30:03 on May 8, 2020.

Scenario 3 is based on the 50-day Simple Moving Average Average Block Time (SMA50), which suggests it will occur on May 9, 2020 at 15:09:12 UTC.

Scenario 4 possible scenario is based on the 200-day exponential moving average time (EMA200), which suggests that the halving will occur on May 9, 2020 at 23:17:05 UTC.