It seems like Bitcoin (BTC) traders are wondering if the halving that takes place every 4 years is going to jolt prices to nearly $20,000, like in 2017.
According to a report released by the crypto-analysis company Arcane Research, there’s even more interest in the halving on Google, with searches for the term “Bitcoin halving” doubling since December last year.
Arcane Search thinks this is a sign that the public interest is going to raise prices in 2020. While Google Trends doesn’t give the exact number of searches, it indicates a reading of 35 in the week that ended on January 19, which is much more than the average 15 reading from December. For the 2016 halving, BTC prices increased 13 times higher in 2017.
While you can see that in the 12-month view, the related searches are starting to peak, but if you zoom out the 5-year view, it tells a slightly different story. The previous BTC reward halving occurred on July 9th, 2016 and the search results show a spike between July 3rd and 9th. While there is no data for searches going back to the Nov 28th, 2012 havening, I'm sure they would tell a similar story.
Some Analysts Believe the Halving May Send BTC to a $90,000 Record
It’s believed the halving is going to boost the price of BTC because the issuance pace will decrease when more investors will increase their cryptocurrency allocations or consider getting into BTC. When it comes to its investment performances, BTC had in 2019 94% higher prices than equities.
BayernLB analysts said last year the halving could set BTC to a $90,000 record, yet other investors think the price will remain how it is now, at about $8,500. The crypto community is very excited about the event. Websites with countdowns to the second have been created. Bitcoinblockhalf.com predicts it to happen 105 days from now, on May 12.
While Arcane Research has only noticed the Google interest in the “Bitcoin halving” term, it looks like, according to Google Trends, it’s the term “Bitcoin” that had 30 times more searches on the search engine.
Looking to earn bitcoin before the next reward halving? Read our guide on how to earn bitcoin.