Bitcoin price crashes amidst news of Coronavirus, this in return brought the cryptocurrency market down. And there have been complaints from the Coronavirus outbreak, the economy consequentially affected and the crash in bitcoin. It seems like too many things to worry about at a time.
To most people, the fall in the value of bitcoin is because of the outbreak of Coronavirus which had also caused the economy of some countries to crash, especially since most states are on lockdown. But things like this are actually inevitable. And ‘falling and rising’ is not new to the cryptocurrency market.
However, a chart comparing the price trends today and the years that went up to the previous block reward halving has been moving around the internet. This chart signifies hope again in the rise of bitcoin value.
This chart compares the bitcoin price graph from 2013 until March 2016, with the one between 2017 and today and they are very close to similar. And the reason why this is worthy of being used to calculate the chances of bitcoin rising again is that it was at this point four years ago that bitcoin price began to rise.
All analysts are of the opinion that the halving in May will be significant. And this is news of hope even though there are many price charts that can show various predictive data that surrounds the bitcoin value. If the block reward is reduced to 6.25 BTC, there will be a reduction in supply and this will definitely put upward pressure on the price.
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There have been two reward halving in the past and the price increased significantly afterward.
Cryptocurrency has been taking over in finances these days. And blockchain is now more developed than it was in 2016. And though there are many altcoin platforms with a huge possibility of achieving mass use and competing with bitcoin, bitcoin is still the flagship cryptocurrency.
It is still too soon to determine the fate of bitcoin. And there is every chance that the cryptocurrency market will recover and the value of bitcoin will rise again.