The Bitcoin (BTC) half-split, which takes place every four years, took place last night, and perhaps the upward chain of Bitcoin, which will rise to its all-time high, has begun.
While most crypto supporters expect Bitcoin to rise to an all-time high again, famous analyst Preston Pysh stated that it may take more than 100 days for Bitcoin to recover the $ 10,000 level after the half-time.
During the 2016 halving, the price went sideways for 9 days and then had a 28% drop, and it took 100 days to get back to the halving price. Mentally prepare yourself for the efficiency cleansing and difficulty adjustment as the protocol prepares all passengers for launch. pic.twitter.com/5dNcs0ZnJ1
— Preston Pysh (@PrestonPysh) May 12, 2020
In 2020, Bitcoin made two attempts to stay above the critical level, but both attempts failed.
According to historical data, it may take 100 days for Bitcoin to attempt another $ 10,000 again. After the halfway in 2016, Bitcoin suffered a 28% depreciation, followed by more than three months of horizontal trading before experiencing a bounce.
With the boom after three months, the bull market in Bitcoin was triggered and the all-time high of $ 20,000 was reached. In the event that this cycle recurs, the leading crypto asset can catch a long-term bullish trend towards its all-time high once it exceeds $ 10,000.
The reward per block given to the miners after each half is halved. The 12.5 BTC reward per block has been reduced to 6.25 BTC with the half-night last night, but the energy to add each new block to the block chain will remain the same until the difficulty level drops.
The difficulty level drops only when miners surrender and turn off their machines. Difficulty level decreases when miners who come out of the profitability region, use old-style equipment and naturally work with low efficiency have to sell their BTC.
Due to the sales pressure experienced after each half, miners working with the least efficiency had to sell their BTCs. This balancing takes approximately 100 days. After less efficient miners withdraw from the market, productive miners keep their Bitcoins at a much higher price during the next bull market, and this retention process is considered the beginning of the bull market.