Crypto Countdown: Exactly Three Weeks Remain Until The Bitcoin Halving

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin‘s halving is just three weeks away at this point, and with the critically important event happening so soon, the first-ever crypto asset is at an especially pivotal junction that could shape the future of the asset in the near and long term.

But what exactly does the halving mean, and why is it that crypto investors expect the event to be so shockingly bullish? We’re taking a look at past halving cycles and providing various scenarios as to the final outcome of the event coming in just 21 days.

What is a Halving and Why Impact Does it Have on Bitcoin Price?

Bitcoin is the first of its kind and kicked off the cryptocurrency craze that has now led to thousands upon thousands of altcoins and billions of dollars in market cap.

However, it wasn’t the first attempt at creating a digital form of cash. Instead, Satoshi Nakamoto took early concepts designed by other cypherpunks and solved the most critical issue plaguing these other pioneer projects: double-spending.

The only way previously to prevent double-spending, was by having a third-party or central authority validating transactions. Bitcoin does this without the need for a central authority through a process called proof-of-work, or Bitcoin mining.

The process involves hi-tech machinery designed to squeeze out as much has hash power at as low cost as possible, using it to solve complex mathematical equations. The miner or mining pool to solve all equations unlocks a reward of 12.5 BTC currently.

In three weeks, that drops to just 6.25 BTC. There are 31 of these pre-coded halvings set to reduce the Bitcoin supply at regular intervals until the full supply is in circulation.

Each halving in the past has kicked off a monstrous bull run. The idea is that the BTC supply miners receive gets slashed in half, raising production costs immediately. Miners halt selling at a loss, and it throws off the delicate balance of supply and demand.

This fact has had crypto investors considering the event to be incredibly bullish. And each time in the past, Bitcoin price rose exponentially following the event.

Crypto Investor Sentiment At Extreme Lows, May Miss Out On Opportunity of a Lifetime

In just three weeks, this same event happens once again, but the once highly anticipated event thought to be incredibly bullish, has done little to cause prices to rise in advance of what is expected to be the most important factor in causing Bitcoin price to rise.

Sentiment is in the gutter following last month’s record-breaking collapse that took the price of the leading cryptocurrency by market cap to under $4,000 at the low. The coronavirus pandemic has caused investors to be too fearful to take a risk with the cryptocurrency market, even with Bitcoin’s halving so close.

If the bullish explosion that was once expected does play out, many of Bitcoin’s biggest supporters may miss out on the opportunity they spent the last four years waiting for.

And if it doesn’t, well, the recession may send Bitcoin into its first real bear market in the asset’s history.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.