Bitcoin investors are gearing up for the long-awaited 2020 halving—a supply squeeze that will see the number of new bitcoin being created cut by half.
The bitcoin price has this week soared by almost 20%, topping $9,000 per bitcoin for the first time since late February, as excitement for this month's halving builds.
Now, as the market weighs whether bitcoin's third supply cut is priced in, one closely-watched crypto analyst has said he thinks it "likely" the bitcoin price will climb above the psychological $10,000 mark before the May 12th halving.
"In 2016, I didn’t participate in the halving and all things considered, it was a minor event. The real rally happened 18 months later," said Catherine Coley, chief executive of BinanceUS, part of the world's largest bitcoin and crypto exchange by volume, Binance, adding she's "bullish" on bitcoin long term.
The year after the 2016 bitcoin halving, the bitcoin price soared from under $1,000 per bitcoin to around $20,000 in less than 12 months.
Meanwhile, BinanceUS has reported a surge of new users in recent weeks as the Federal Reserve goes to never-before-seen lengths to prop up the economy, which has been ravaged by coronavirus-induced lockdowns.
"With unemployment and stimulus funding flooding [the] system, I think more people are looking for an alternative exposure to a market that's unrelated to [the U.S. dollar]," Coley said.
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