The Bitcoin market is trading mostly sideways now again, keeping the leading cryptocurrency in the world just over $7.1K at the moment. There’s been no significant change since last week – it’s just a kind of a status quo with investors keen to see what the future holds. The only problem is that it’s hard to predict – experts and traders are baffled about Bitcoin’s slump decline and pin all their hopes on the upcoming halving.
However, a leading crypto expert is adamant that it won’t move the needle at all. In theory, halving always result in a price increase, but this time, miners will be well prepared months before the event which might have the exact opposite effect of what everyone is hoping for.
A 31% Slump In November Only
Since the end of October, the Bitcoin price went down by 31%. It was caused by a variety of factors including China’s comments on cryptos and a bearish market that has been going on for months. Many have already given up on the cryptocurrency as the price just doesn’t seem to stop sliding down. Some experts have been talking about a Bitcoin explosion pretty soon, but so far, there haven’t been any positive developments to fan the flames.
The cryptocurrency market shows signs of stagnation and putting too much pressure on Bitcoin and altcoins. At this rate, it won’t be a surprise if one cracks under it – as soon as that happens, cryptos might be doomed. Of course, that’s a too negative outlook – the reality is that Bitcoin and altcoins are here to stay for the foreseeable future. More and more countries are joining the crypto fray, introducing new laws that effectively legalize crypto assets and opening up the doors for profitable industries.
Still, the price decline is concerning. What’s even more concerning is the fact that it seems there’s no end in sight. Experts aren’t optimistic about a price boost, with certain traders adamant that Bitcoin is dying. Everyone is banking Bitcoin’s price increase on the upcoming halving, but a prominent investor isn’t so sure of it.
Jason Williams, co-founder of Morgan Creek Digital, recently shared his opinion on the halving and it’s not the news crypto owners want to hear. According to Williams, the halving will be a no-event and won’t raise the price of the leading cryptocurrency at all. He said that with so much hype surrounding the halving, miners will be well-prepared for it and the price won’t increase dramatically, if at all.
Previous halvings have had a long-term impact on Bitcoin’s price and the same is expected of the upcoming one. However, an immediate price boost isn’t likely on the cards. This adds to the drama surrounding Bitcoin in 2019 and adds even more question marks to its uncertain future.
We’ll have to wait and see what happens, but for the zillionth time this year, it seems that the crypto market is in trouble unless it pulls a rabbit out of its hat.