Bitcoin is back and is ready to claim its throne once again. Bullish Bitcoin year is upon us, according to analysts at Coinbase blog. Some analysts go even so far as to claim that Bitcoin will reach $400,000 after halving in May 2020.
Where does BTC stand today?
At the moment of writing of this text, the price of Bitcoin is set at $ 9,976.35. If we take a look back at the last year movement, we could say this is a slight decrease from last summer, when BTC had the value of approximately $13,000. However, many analysts claim that the recent break out is the real deal and that bullish Bitcoin year has already begun.
Storing Value in BTC
It has been estimated that the investments in Bitcoin showed their full potential when the Bitcoin broke the $10,000. Now, when we think about it for a moment, we will see that there are few reasons for this.
Firstly, people like to store value. The number of Bitcoin holders is on the rise. This trend has been ongoing for a year, apparently. The interesting thing is that approximately more than 12.5 million BTC has not moved in a previous year.
This draws attention because Bitcoin has been fluctuating during all those months. Nevertheless, the holders apparently decided to wait for BTC to reach the highest price. We could be witnesses of this happening soon.
If we were to judge according to the year behind us, BTC saw a total return on investment of more than 90%. If Bitcoin continues its bullish trend, we are yet to see the peak of its power.
Bitcoin Halving in 2020
The second reason why people invest in BTC is the future halving in May this year. As you already know, when something is scarce, it is therefore more valuable.
Bitcoin’s projected number of units in circulation is 21 million. Having said previously that more than 12.5 million BTC units did not move for a year, waiting for “better days”, we could see that it is more than half of the total number of units. Halving is the event everyone waits. It means that new bitcoin issuance will drop from 12.5 to 6.25 new bitcoins minted every ten minutes.
Once this happens, Bitcoin will become twice as scarce as before, theoretically meaning at least twice as valuable. In practice, the estimates say we should see the positive increase in value. We are yet to see this increase up, close and personal.
As a reminder, the previous times Bitcoin was halved, its price increased 13,000% (following the 2012 halving), as well as 12,000% (following the 2016 halving).
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