Bitcoin halvings had been bullish events in the past and also the next halving coming up is seen as an upside price catalyst for the cryptocurrency. Bitcoin’s daily supply cut from 1,800 BTC to 900 BTC should appeal to investors. The sentiment is backed by Bitcoin’s history of delivering outstanding bull runs after each of its halvings. Bitcoin’s next price target is $55,000, according to analyst PlanB’s popular Stock-to-Flow model. The model predicts a Bitcoin market value of $1 Trillion after the next halving in May 2020, which translates in a Bitcoin price of $55,000.
Bitcoin’s next supply cut comes against the backdrop of a global pandemic, the novel coronavirus COVID-19 that has infected more than 1.3 Mio. people and has killed over 40,000 worldwide.
This has left a huge dent on the global economy. Stocks, precious metals, among many other different assets depreciated. Bond yields are near zero. Government and Central banks are printing money like there is no tomorrow.
Bitcoin should rise against such prospects. Bitcoin investors are enthusiastic despite looming threats. They believe that a part of the excessive dollar supply would end up in the cryptocurrency market.
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