Trader of classical charting principles since 1980 Peter Brandt has expressed an opinion according to which, the highly anticipated bitcoin halving that is set on May this year, is "grossly overrated" by the cryptocurrency community.
The daily reduction of mined bitcoins equals approx 2/100th of 1% of real supply, which means that reduction of new supply b/c of halving as % of REAL supply = chump change, the analyst wrote.
Bitcoin halving = #Grossly_over_rated— Peter Brandt (@PeterLBrandt) March 17, 2020
The daily trading volume of BTC = the REAL supply of BTC
The daily reduction of mined $BTCs (NEW supply) equals approx 2/100th of 1% of REAL supply
Reduction of NEW supply b/c of halving as % of REAL supply = chump change
Previously Brandt wrote that the price of bitcoin can possibly go down to $0. Meanwhile, bitcoin started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $5260 (+5.59%);
In the meantime, a well-known bitcoin supporter and Chief Executive of crypto investment firm Galaxy Digital Michael Novogratz said the recent bitcoin drop might have been caused due to the loss of investors' confidence.
The bitcoin block mining reward halves every 210,000 blocks. The coin reward will decrease from 12.5 to 6.25 coins approximately on 12 May 2020.
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