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Tone Vays Considers Bitcoin Could Drop To $5,000 Before Its Halving Event

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Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The cryptocurrency market is currently analysing which are the possibilities for the future and how the space could evolve. Toney Vays, a recognized Bitcoin analyst and trader believes that Bitcoin (BTC) could drop to $5,000 into the halving and surge after it. Bitcoin will be halving in May 2020.

Bitcoin Could Drop To $5,000

Most of the experienced investors in the market are paying close attention to the next Bitcoin halving that is expected to have a positive effect on the digital currency. However, Tone Vays considers that there is a worst-case scenario in which Bitcoin could drop to $5,000 before the halving.

If that happens, he believes that Bitcoin miners will be leaving the space. 70 percent of them will have to shut their operations down. He has also mentioned in a recent tweet that everything is in play until the end of 2020, more than two quarters after the upcoming Bitcoin’s halving. 

Many Bitcoin experts suggest that Bitcoin could grow before and after the upcoming halving that is going to reduce the new supply of Bitcoin for miners. Indeed, miners are currently rewarded for their job with 12.5 BTC per block every ten minutes. With the next halving, these rewards will drop 50% to 6.25 BTC. With an increased demand for the digital currency and a lower issuance, the price of Bitcoin is expected to keep growing. 

In another Tweet, Vays said that halvings only help Bitcoin because it will continue to rise in price due to the lower supply. Different altcoins from Litecoin (LTC) to Bitcoin Cash (BCH) would never be able to become a store of value, according to Vays. That means that they are going to be depreciating against Bitcoin. 

About it, he said:

“Halving only help Bitcoin cause it will continue to rise in price. Halvings will destroy altcoins from Litecoin to Bitcoin Cash to Bitcoin SV (BSV). They will never be a store of value and will depreciate against Bitcoin. Hence, halvings will wreck their mining structure!”

Currently, Bitcoin is the largest digital asset in the market according to data provided by CoinMarketCap. Indeed, the digital currency has a price of $11,400 and a market capitalization of $202 billion. In the last 24 hours, Bitcoin grew 1.45% registering the largest gains among the top 14. 

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