Bitcoin

Co-founder of Morgan Creek Apprehensive for Bitcoin Halving in 2020

Speculations revolving Cryptocurrencies is a normal affair in the crypto market. When it comes from market biggies like the Co-founder of Morgan Creek (the reputed digital asset fund), Jason A. Williams, the speculations start getting more importance. This time also as Jason A. Williams took to this Twitter handle and wrote that the upcoming Bitcoin Halving in 2020 will be a non-event and will do nothing to its price, the whole crypto market went cray.

Following the Tweet, the analysts started showing mixed opinions with the majority of them supporting Williams that this time, the impact of Bitcoin halving will not bring any substantial changes in the prices of Bitcoin. Contrary to the usual happening in the crypto market, where the Bitcoin prices go high before and after every halving, this time, it will not be so, as far as the speculations seem to be. In fact, this time, the halving will reduce the amount of Bitcoin paid to the miners from as much as 12.5 BTC to 6.25 BTC, which is expected to bring in the bull market.

The Bitcoin halving rose from $11 to $1,100 and then fell back to $220 in the first halving. Then again in the second halving, it rose from $230 to $20,000 and then dropped to $4,000. If this trend is followed in the upcoming Bitcoin halving, then it is not going to impact Bitcoin prices even by an inch.

Willy Woo, a renowned cryptocurrency analyst, went to his Twitter handle to explain things from a different perspective. Accordingly, he wrote, “NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front-run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event.” He explained that miners would start quitting the market, thereby lowering the prices of Bitcoins after the halving. Woo drew references as to what had happened last year (2018) when the bear market dropped to its bottom and the prices of Bitcoin went from $6000 to just $3000.

Amidst all these, the long-term impact of the Bitcoin Halving is assured by many analysts. It is expected that by 2022, the Bitcoin price should rise to over $100,000, which is again a ray of hope to the miners.

Edna Boykin

Edna Boykin started her career as a financial news writer. And, she was withal active in stock trading. From the commencement of her vocation, she is passionate about online poker games. As she likes to play poker and roulette, she knows the casino industry exhaustively. She recently joined Times of Casino as a news writer. She regularly contributes in-depth breaking stories and news updates of the casino industry.

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