October 19, 2020

What awaits Bitcoin in November - forecast of the BTC rate

What awaits Bitcoin in November - forecast for the movement of the BTC rate

The Bitcoin (BTC) rate has good prospects in November, as many supporters of the first cryptocurrency believe.

Coin finishes October in good positions, now Bitcoin is trading in the range of $ 9000-9400, restoring positions lost at the beginning of the week.

Over the past eight years BTC only twice inNovember showed a decline. In the period from 2012 to 2017, November was consistently a successful month for BTC. Last year, according to the results of the last month of autumn, the coin lost 37%. 2018, especially its second half, was unsuccessful for the cryptocurrency industry.

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But in previous years, BTC during this period went to new highs, experts say. An important event in the history of the largest digital currency will be the reduction in the award of bitcoin miners in May 2020.

The so-called halving in November 2012,for example, it became a starting point for Bitcoin to take new heights. The miners' reward then halved from 50 to 25 BTC. A possible decrease in the activity of miners increased investor interest in the digital asset. As a result, Bitcoin soared from $ 5 to $ 16 in just three months before the halving.

In 2016, the reward for miners decreased from 25 to 12.5 BTC per block. In the four months before the four-year-old halving, the spurt of cryptocurrency was from $ 360 to $ 780.

Block mining reward reduction from 12.5 to 6.25BTC in May next year should also be a determining factor in the growth of the coin. It is possible that November of this year will become this starting point to a more confident and long-term expansion.

Many Twitter users believe that the approaching halving will lead to a rise in bitcoin to about $ 55,000, and the capitalization of the first cryptocurrency in this case will reach $ 1 trillion.

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