- The block halving has begun to induce a significant Bitcoin rally
The Bitcoin block halving is expected to occur on 12 May, which is only ten days away. It has been long anticipated that the block halving will cause a major Bitcoin rally, and it appears that this theory is coming to fruition.
Indeed, Bitcoin rallied from USD 7,500 to as high as USD 9,500 earlier this week. Although Bitcoin has since then pulled back to USD 8,500, it appears that Bitcoin is poised to continue rallying in the days ahead as speculation and fear of missing out (FOMO) increases.
Ultimately, the block halving will reduce the Bitcoin mining reward from 12.5 Bitcoins per block to 6.25 Bitcoins per block, significantly reducing selling pressure on the market, and that will create favorable conditions for a major Bitcoin rally in the coming months and years as well. Multiple crypto experts have been saying that Bitcoin, will rise to over USD 100,000, and indeed Bitcoin has rallied by at least an order of magnitude (10X) after each previous block halving.
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