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Is it true that Bitcoin Will Reach the Highest Level in 2021?

Oscar Darmawan, Indodax's Chief Executive Officer
Following the development of bitcoin is very interesting, especially being at the point of euphoria, and when the market is down. The fact shows that, if measured since 2017, the price of bitcoin has decreased by 75 percent. Besides, quoted from Bisnis Online, a team of analysts in the financial and banking services company Canaccord Genuity Capital Markets said that bitcoin would return to its peak around March 2021.

According to Indodax data, bitcoin is currently trading at around USD 3,900 as of March 13, 2019, at 09.33 WIB. That price can be said to be quite useful in the market, considering almost reached the level of USD 20,000. When viewed from the current performance, a significant increase has the potential to occur if it is based on a repetitive four-year cycle, namely the reduction in bitcoin rewards resulting in higher prices. Keep in mind that bitcoin prices are determined according to the principle of supply and demand among miners.

"The highest level will be achieved by bitcoin if it follows a cycle known as Halving Day, i.e., rewards per block will decrease every 4 years or every 210,000 blocks. This reduction will have an impact on the overall supply of bitcoin so that bitcoin will potentially be more expensive because it allows demand to exceed the supply in the market. The first Halving Day we went through was in 2012, where 25 bitcoins per 10 minutes were made by bitcoin miners. And the second Halving Day in 2016 produced 12.5 bitcoin per 10 minutes and will again be reduced to 6.25 bitcoin per 10 minutes in 2020. Therefore, if we assume demand is fixed or increased, the new supply circulating in the market will not be able to compensate existing demand, so prices can become up."
explained Oscar Darmawan, Indodax's Chief Executive Officer.

source: indodax

3 comments for "Is it true that Bitcoin Will Reach the Highest Level in 2021?"

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