Bitcoin up As Market Hopes Rise Heading into Halving
The Bitcoin (BTC) halving is almost upon us, and cryptocurrency investors have not given up on Bitcoin to push higher as that date approaches.
Bitcoin has gained 1.60% over the last 24 hours and achieved a price of $70,194 (BTC/USD) just days before the halving is to take place. That may not seem like much of a change, but the token had a rough Wednesday and fell below $70k. The dip could have hurt Bitcoin’s ability to show its value and stability leading up to an important event, so it helps the coin’s case in the court of public opinion that it is back up today.
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Bitcoin fell as low as $67,621 yesterday, creating fear that the coin would not be able to stay above $70k at a crucial junction in its lifespan. It surged late in the day, though, and was able to recover quickly.
The $70,000 level has proven to be a sticky one for the token, where many investors look to sell their bitcoins when it reaches there. Even the bulls have trouble keeping Bitcoin higher than $70k for long. That may change in the next two weeks as Bitcoin halves and the coin becomes more precious to miners.
What Bitcoin’s Halving Means
In nine days, Bitcoin will halve, which will ensure that only half as much Bitcoin is mined for the same amount of effort. It will become more difficult to mine at the current rate, and that should cause the price to spike.
In the past, Bitcoin halving means the price shoots up just before the halving and typically stays up for a while. If that happens this time as well, then Bitcoin may find itself close to $80,000 and at a new record high. That will help bring in mainstream attention.
The halving event happens automatically and takes place every so often to thin out the amount of Bitcoin being mined. That way, Bitcoin does not reach its total limit of potential coins available too soon.
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