Crypto Trader: “Bitcoin Price Will Rally In May 2020”

Over the past 24 hours, the price of Bitcoin has been sticking to the $3,600 margin in a sluggish market. However, one crypto trader has shared his optimistic approach and made the cryptocurrency news for it – especially because of his bullish prediction of a Bitcoin ETF approval and a potential spike in Bitcoin’s price that would put the most dominant cryptocurrency in a same position as once upon a time.

According to the analyst and trader with an online alias “Moon Overlord” this halvening of the Bitcoin network’s block rewards in May 2020 could lead to the official recovery of the dominant cryptocurrency.

As he explained, historically the asset started to recover at least one year before the occurrence of a halvening. So, if the Bitcoin network demonstrates a similar trend before the 2020 halvening, he suggests that the asset may also show a major trend reversal by as early as May of this year.

As he said:

“Bitcoin has traditionally starting (sic) 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 In which case you’d only have a few months left to buy BTC at this low of price.”

Here, the halvening of the Bitcoin network refers to the decline that the reward miners on the network receive for mining blocks and verifying transactions. Due to the fixed supply of the BTC network, the amount of BTC generated in every block declines over time as the network comes close to its maximum supply of BTC at 21 million.

Even though many analysts have argued in the past that this halvening does not impact the price of BTC, some think that it is highly anticipated and expected by investors and therefore a solid point regarding the BTC price trend.