2020 has been a rough year for mankind. With the outbreak of COVID 19 pandemic in the early months of 2020, everything was put on hold. As if ice age has hit the earth. Traders were forced to shut down their trades, and people entered into quarantine period.
We are already in mid-2020, July. Life has started to get back on track, trades have started to reopen and so does the Cryptocurrency trade.
According to the on-chain analyst Willy Woo, Cryptocurrency will bounce back in the next couple of months. Last month Willy Woo launched the new price model of the Bitcoin (BTC). The model states that the price of the bitcoin will exponentially increase in the next couple of months. According to Cryptocurrency history, it has been seen that the price of the Bitcoin increases after the Bitcoin Halving event. And as we know that the last Bitcoin halving event occurs in May 2020.
Will A Bitcoin (BTC) bull market expose itself in July?
The price evaluation of the Bitcoin was over $10,000 at the beginning of 2020. The price was fluctuating around $10k in February (just before the COVID 19 reached the US trade market). The coronavirus exponentially affected the stock market.
Traders and investors realized the fact that this pandemic might last long, so they took some precautious measure, they started selling all their digital assets to safeguard themselves from potential losses. This made the trade market falter.
The traders who have made those decisions of selling their digital assets later regretted their mistakes. As it was only the Cryptocurrency that was least affected by the collapsed trade market.
With all the activity going in the market, Willy Woo highlighted the fact that the same had happened back in 2017 when the price of the Bitcoin spiked to a height of $20,000.
History also states that the price of the Bitcoin increases after the Bitcoin Halving event. Currently, Willy Woo is working on a model and as per his model, the next bull run is just at the corner.
Additional factors that point to a bull run
During the lockdown period, the value of the Bitcoins drops to its least price evaluation of the year, $3400. After the march, the price of the bitcoin starts regaining its former price evaluation. And today, one single Bitcoin cost $9,265.
There are traders and investors who believe that in spite of the current ups and downs of the Bitcoin price, the Cryptocurrency market will be stable. According to a famous Cryptocurrency trader Nunya Bizniz, Bitcoin is recovering from the COVID 19, and the Cryptocurrency market will be intact.
The other factor that might also help the Bitcoins to come close to its former glory is that during the lockdown period, people have nothing to do. So, they invested in learning new skills to earn money from home. This was where Crypto trading become famous. Within just 3 months of the havoc created by the Coronavirus, people learned new skills. These skills set also include the Crypto trade.
When life was back on track and people were allowed to come out home, we got see new faces in the Crypto trade market. According to a survey it was found that the number of the Crypto traders have been almost doubled in these past three years.
The difficulty faced by the Miners?
Bitcoin is not just something that can be created, just like gold, silver, and diamond. Bitcoin also needs to be mined. And who does the mining?
There are groups of people who help people with Cryptocurrency transactions. These people are called miners. They provide a network for the transaction to happens. And with every successful transaction, they are compensated with bitcoins.
Now with the decrease in the bitcoin mining compensation, it is being predicted that the value of the bitcoin might increase ta the end of 2020.
According to some of the crypto trade experts, 2021 might be the year when the price of the bitcoin might surpass the price evaluation period of 2017. According to history, the price of the Bitcoin increases at the end of every Bitcoin halving event. and as we know that the as bitcoin halving has been done in May 2020. This event also adds value to the prediction that traders are making. If you are interested in Crypto trade and want to use those predictions to your advantage, you can log in to bitcoin future auto trading software to open a Crypto trading account.