Bitcoin Might Hit All-Time High by Christmas, Analyst Explains Why

Ef0WsaVU0AEDMtq 980x642

Bitcoin will extend its rally to hit a new all-time high by Christmas, according to Vijay Boyapati. “In the 2016 cycle, Bitcoin did not break its prior all-time high until 229 days after the halving,” the crypto-analyst stated Thursday. “If we were to follow that exact trajectory, [the cryptocurrency] would make a new all-time high just after Christmas day, this year.” A $325K Target The term “halving” refers to the number of coins that miners receive for maintaining the Bitcoin blockchain. That rewards get reduced by half after every four years–or after every 210,000 mined blocks. Halving removes half the Bitcoin from circulation, leading to an improved scarcity. Bitcoin had undergone three of such events. The first two took place in 2012 and 2016. Each of them resulted in massive BTC price rallies, prompting observers to call halving a bullish development. Bitcoin price performance after each halving. Source: Ecoinometrics The…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE