Today’s valentine’s celebration has particularly paved way for bitcoin’s progress since the beginning of the year. Although there seems to be much more to this present bull run, bitcoin also owes much of its current progress to the May 2020 bitcoin mining reward halving.
Valentine’s Day Escorts BTC To Another Bull Market!
Bitcoin seems to have been responding to the much controversial annual love celebration. Particularly this year, the top cryptocurrency seems to move further up the price charts during the Valentine celebration week. In comparison to previous years, bitcoin this year showed a great price correlation to the inbound celebration way ahead of time.
Bitcoin began its spike hunting around late January when it first made a major move which saw its price spike up by up to 10% within 24 hours. This was after its closing price of $8,909 on the 27th of January. The move saw bitcoin cross the $9k mark for the first time this year! The top cryptocurrency showed further price prospects into the beginning of February when it later crossed the $9.5k mark as of the 5th day of February. At the time, Valentine’s celebration week was only a few days away!
Into the Celebration week, as of 9th of February, bitcoin had crossed the long-awaited “benchmark” value of $10k and was warring towards higher heights. At the time, an increasing number of e-commerce giants such as Overstock, Shopify, and eGifter, where you can find a large selection of items, ranging from clothes, electronics, and interior decorations were reported to have integrated bitcoin payment gateways.
Also, cryptocurrency exchanges like PrimeBit, as reported by a few media outlets, had begun to offer mouth-watering valentine’s day celebration bitcoin offers. All these must have added to the demand chain of bitcoin earlier into the valentine’s celebration week. Altogether, bitcoin caught the love fever alongside a bull market and also infected altcoins which promptly joined the price parade.
How Is Bitcoin Welcoming Its Next Halving Event ?
It is no more news that the bitcoin blockchain halves its mining reward approximately every four years. And then, as usual, the underlying cryptocurrency, bitcoin has always responded positively ahead of this event. This year too, as more blocks are mined and mining rewards expected to be halved by May, the overall demand for bitcoin has increased. If bitcoin respects its history of block reward halving, its price is expected to soar sufficiently beyond the present levels as observed in previous years.
Although the bitcoin network has seen tremendous changes since the last two havings, its corresponding price hike post-2020 halving is not expected to be all that much surprising.
One similar instance can be $40K bitcoin value predicted by Fundstrat Global Advisors co-founder, Thomas Lee. According to him, the value of Bitcoin will hit another All-time high (ATH) this year following the halving event.