Back in May, Bitcoin.com received some intriguing answers when we asked a bunch of cryptocurrency enthusiasts what they would do if one bitcoin reached a value of $10,000 USD. Now, in yet another installment of ‘Bitcoiners Respond,’ Bitcoin.com asked how will the approaching block reward halving affect BTC price.
Also read: Blockchain Technology: Making Smart Guns Smarter
The latest question was asked on various social media platforms from Facebook to Google Plus concerning the reward change coming July 10.
The questions we asked were: what do Bitcoin supporters expect the price to do during the halving week and can you estimate where it will be in value? Or do you think nothing will happen, and it will just be an ordinary week?
Here’s what some cryptocurrency enthusiasts revealed…
Bitcoiners Respond: The Halving
[Note: Respondent’s last names were omitted to protect their identity]
“There will be a price spike before, but not at the halving. Price drop after, but not below $500…all based on speculators.” — Doug, Bitcoin enthusiast
“Hoping they publish leaked information about the Australian bitcoin auction to see how high they paid as a preview of what minimum pricing to expect during and early after the halving.” — César, Bitcoin enthusiast
“I expect we will see an increase in price for the next few months. The halving will be just one of multiple reasons for the increase in value. Now that Bitcoin is officially a safe haven all of the chaos lately, and the coming election should bode well for Bitcoin.” — Randy, Bitcoin enthusiast
“I think it is a great time to diversify heavy into altcoins to hold with everyone transferring back into btc.” — Darnell, Bitcoin enthusiast
“Everyone is going to be freaking out… me? I’m hodling.” — Brock, Bitcoin enthusiast
“The price will spike to 800 plus change, but drops right before the halving.”— Dave, Bitcoin enthusiast
“All the movements in price caused by halving, Brexit, etc. can’t consolidate in the long term if we as Bitcoin evangelists can’t convince a greater number of citizens to adopt BTC as a medium of payment. Volatility will be joined by Bitcoin Price unless a critical mass of consumers and merchants doesn’t use the crypto for its primary objective: payments.”— Jose, Bitcoin enthusiast
“Maybe a slight bump due to anticipation of the halving before, but I don’t think it will take off until a little while after halving occurs and the market actually feels the dip in new coins being created.”— Vance, Bitcoin enthusiast
“After the dust settles, I was hoping it holds 500+. I don’t see much of a demand increase even with a supply decrease.”— Nathan, Bitcoin enthusiast
“This whole thing’s a bit like when meteorologists at the weather bureau issue a “50% chance of rain” forecast; it basically says ‘It might rain, and it might not rain.’ Bitcoin might go up after halving, and it might not go up. I think the most likely scenario is there’ll be a minor rally prior to halving (courtesy of those ‘friendly’ whales who’ll use any opportunity to initiate a little pump they can then dump on) then the price will go down well below the average pre-halving price (so maybe low 600s or into the high 500s even) where it will bang around for a while after the whales have collected additional coins post-dump from all those bailing out shocked at the “halving failure”. When all the dust has settled, and numerous articles have pointed out the obvious that the halving wasn’t really as big an event as everyone thought it was, it will start a gradual climb again with the usual volatility we’ve come to know.”— Philip, Bitcoin enthusiast
“I am pretty sure one BTC will still worth one BTC.”— Pete, Bitcoin enthusiast
“I think it will go without much change or fanfare (aside from us bitcoin dorks), and the effects on price will be delayed. How delayed? Not sure how delayed but it could even be a few months. I’m saying that based on the last halving which was pretty uneventful until a ways after it, but then there were a lot of exciting events that followed.” — Chris, Bitcoin enthusiast
“I actually think the price is going to drop. The halving has set many expectations, lots of new greed money entered the game convinced that the price will skyrocket, and all will be rich. Which it will probably not. A little glitch and lots of long positions will be liquidated, and the new money will panic. Interesting times ahead. For the price to rocket, there still needs to be buy support.”— Erwin, Bitcoin enthusiast
“I think the price will explode to untouchable ranges during the week of the halving, roughly like $2,500 to 5k a pop. Then the bubble will correct dropping just above $1,100 like in 2013.” — Kelly, Bitcoin enthusiast
“I really hope it goes nuts and the price gets really, really, really high. I’ve been promoting Bitcoin for well over three years now and it’s my turn to laugh at people.” — Sarah, Bitcoin enthusiast
“The decrease in supply will finish pricing in over time, perhaps over a month or two. In fact, it’s probably already largely priced in.”— Matthew, Bitcoin enthusiast
“Good question. I think you’ll get a small increase right before and a small decrease right after.”— Arturo, Bitcoin enthusiast
“Well I think pure speculation is gonna roof the price, and after the happy pills wear off well, the dump begins. OTC markets have the power as we speak, these little exchanges and the price ticker mean nothing to whales.” — Gene, Bitcoin enthusiast
Speculation about the halving day has been abundant these past few weeks, so it will be interesting to see what happens with the mining operations and Bitcoin’s value in fiat.
A lot of people are betting big on the halving for an increase in price, and others believe it’ll be just another day in Bitcoin-land. You can be sure Bitcoin.com will be covering the event no matter what happens.
What do you think will happen with the price of Bitcoin during the halving week? Let us know in the comments below!
Images via Crypto-Graphics.com.