The upcoming bitcoin halving is like a New Year’s Eve celebration for most crypto enthusiasts… Literally.
The Bitcoin Halving Is a Big Event
Apparently, there will be a countdown that starts on May 11 – the day before the event is set to occur – and then things end just after midnight, as by then, the halving will have taken place and block rewards will have been reduced from the present 12.5 BTC to 6.25.
Whether people engaged in the countdown wear party hats and drink champagne is up for debate, but in any case, the upcoming halving is a major event in crypto traders’ lives.
The halving is set to occur on May 12, which is about four days from now. On May 7, Danny Scott – chief executive officer of the crypto trading platform Coin Corner in the U.K. – provided an interview regarding what will potentially happen with the halving and where he thinks BTC might go. He compared the event to a New Year’s celebration himself, and even said that the halving has caused a surge in new accounts.
He commented:
The bitcoin halving is only five days away, and in the lead up to this event, we’re seeing a lot of people speculating on what will happen, whether the price will go up or down, or if it will be a non-event… There’s typically a big build up to the night itself, but the event is technically over as soon as midnight strikes. This is a similar situation for the halving… We’ve actually seen a 21 percent increase in sign-ups during April (from the previous month) which adds to this year’s strong growth in the build up to the halving.
Luno is another U.K.-based exchange that has seen its user numbers grow in recent weeks. Executives expect to hit four million new accounts by the time mid-May arrives.
A Bullish Trend Could Strike
The company’s leader Marcus Swanepoel believes that the halving is likely to set bitcoin on a new path that will cause it to reach its previous all-time high of nearly $20K within the next year or so. He says:
I believe we’re currently at the beginning of a long upward trend. One that, considering the broader economic environment, is set to experience increased volatility, especially in the next few weeks. Nevertheless, with the halving just around the corner, and with some applied patience, we will see that same sharp increase common with previous halvings, even if it will take a bit longer than usual to get there.
As of yesterday morning, bitcoin has been enduring another massive rally that brought the currency into the $9,500 range for the first time since late February. At this rate, the currency could once again spike into the five-figure range by the time the halving is officially added to BTC’s record books.