Everybody has been closely watching the Bitcoin news recently. This cryptocurrency managed to reach heights like never before. After Tesla decided to invest over $1.5 billion in Bitcoin, the value of Bitcoin surged within days and finally broke the $50,000 barrier. This is a milestone that not many experts could’ve predicted. Yes, they stated that Bitcoin will likely break the 2017 record in value, but not many of them thought that its value will climb as high as $50,000.
Well, we are here to tell you that Bitcoin has the potential to climb even higher and it is yet to reach its peak. We are going to take a look at the previous halving events and use them as evidence to support our claim. But first, let’s see how people make money with this cryptocurrency.
Making a Profit With Bitcoin
The chance to make a profit and turn into an overnight millionaire is probably the biggest advantage that Bitcoin has. Millions of people around the world, including many celebrities, have invested in Bitcoin with the sole purpose of making crazy amounts of money. Take a look at Logic, the retired rapper. Before Bitcoin started spiking in December 2020, Logic announced that he invested $6 million in the cryptocurrency. At the time, Bitcoin’s value was around $10,000, so you do the math on the potential profit that he made.
Trading sites are the platforms that allow you to sell your Bitcoins and make money. Not only that, but some of the most reputable sites of this character even provide you with vital information which can help you sell it at the highest price. One of those sites is https://www.bitcoinrevolution.org/. Bitcoin Revolution has an advanced AI system that collects all the data about Bitcoin from the market.
Then, the data is analyzed and used to determine the future fluctuations of this cryptocurrency. The results come in with great precision and the daily profitability rate here is very high. With this information, traders know when is the best time to sell their Bitcoins and generate the highest possible revenue.
As for earning Bitcoin, that is completed through a process called mining. Mining involves solving puzzles. Each puzzle solved is a successfully verified transaction on the Bitcoin network. The reward for this is Bitcoins.
Halving events take place when approximately 210,000 Bitcoins have been mined. This number is reached within 3-4 years. When halving events are in effect, the flow of Bitcoins in the network is cut in half and they are extremely hard to be mined. So far, there have been a total of 3 halving events – 2013, 2016, and 2020.
What do They Have in Common?
All of the halving events resulted in historical price surges. Not only that, but these surges happened approximately a year and a half after a halving event took place. The first halving event was in November 2012. After that event, Bitcoin surged at over $700 in January 2014.
The second halving event was in July 2016. Bitcoin peaked in December 2017 and reached a record of over $19,000 in value. Finally, the third halving event took place in May 2020. While Bitcoin has crossed the $50,000, history points us that there is a chance that this cryptocurrency is yet to reach its peak.
As you can see, after the two previous halving events ended, it took approximately a year and a half before Bitcoin’s price surged. We believe that the same thing will happen in 2021. Since the last halving event was in May 2020, history tells us that Bitcoin will likely spike around the summer. And you know what they say – those who know history well, can predict the future. Why? Because history always repeats itself.