A popular analyst, Willy Woo, claims that the next halving will not affect the Bitcoin's price like the previous halvings did and we should not count on the increase of the BTC rate.
Since the 25th of October, when Bitcoin tried to overcome the barrier of $10,000, achieving one of the biggest increases in its history, every few days it reports further declines. After the last decline which amounted to 4%, BTC barely managed to stay above the $8,000 limit. Currently, its exchange rate is only 8,090 USD, and analysts warn that there will be even more declines in the future.
The situation is quite specific, considering that in the past, half a year before halving to be accurate (which is right now), Bitcoin's price went up. The price decreases nowadays, though.
Willy Woo: the market is bearish
According to Willy Woo, a well-known crypto analyst, the scenario from previous years will not be repeated this time. Woo refered to the last two halvings that took place in 2012 and 2016, when, half a year before the halving, Bitcoin's rates increased. The next halving, i.e. halving the prize for mining the block, is expected to take place in May 2020, i.e. in half a year.
Woo believes that the market is currently bearish, and miners have already capitalized by increasing sales volume. Although miners' surrender is nothing new, new is the fact that they have never "left" the network before halving. The analyst highlighted the fact, that the recent fall in the price of Bitcoin from an annual maximum of 14,000 USD to only 8,000 USD, led to the "death of weak miners."
I expect way more volatility. Short term bearish is all I'm saying. And don't expect price will repeat past halvenings.
- Woo summed up on Twitter.
Until recently, one could expect that this time the approaching halving will be a turning point for Bitcoin. For 3 weeks already, however, BTC has been recording more declines, and analysts say it's not over yet.