Bitcoin is having some interesting price action recently. Some people are saying with the rewards halving in 2020 that there’s a good chance that this is the start of another bull run (before/after every mining rewards halving in the past, there was a bull run).
What are your thoughts? Is this the start of another bull run or no?
Personally, I think there’s a good chance of another bull run in the next 2 years. I’ve been watching Bitcoin since 2013. I was actually very bearish throughout the 2017 bubble and sold my BTC very early on, but I’ve come to realize that the market is dominated by patterns. One of them being the occasional bitcoin rewards halving and the cycles of booms and busts.
Here’s a graph of the 2013 Bitcoin bull run, the lowest price point being about a year after the peak:
Personally I am here for the long term as far as bitcoin goes (bought it back when it was at around $200) I think there will be a bull run probably by the end of 2019 or beginning 2020 and then it will drop all over again which could be a good point to buy
Not necessarily. I mean nobody can predict the future, but one of the main reasons for the crash last time was because the network got so congested that it was taking upwards of 2 months estimated time to have BTC transferred to your wallet.
They’ve done a ton of updates to the network and it is able to handle thousands of transactions per second. With a robust system update, and a big need for decentralized currency, I personally think that BTC will grow to be quite valuable.
We are more or less looking at a BTC ‘flash sale’. We will see continuous growth over the next years to come, with ups and downs of course. However the gap between spending cash at the store and spending crypto at the store is closing, I already have a couple BTC ATMs in my city.
I was the same exact way and a mega-bear during the 2017 cycle (sold at $2k and derided my friends who were investing). But if you just look at the graphs of bubbles/bull runs, they always repeat themselves close to the bitcoin block rewards halving