Bitcoin Price Trend: Will the Next Reward Halving in 2020 Influence Today?

July 11, 2016. Luckily for Bitcoin fans the price remains stable even though the reward for Bitcoin block mining was decreased by half on July 9.

Today the Bitcoin (BTC) price started the day on the level of $657. We don’t expect any financial factors that could affect the price of bitcoin today as there are no important macroeconomic statistics publications scheduled for today. That is why we expect a gradual strengthening of Bitcoin related to the strengthening of US Dollar positions. 

USD/BTC exchange rates chart for last 7 days: 

The support level is $635, while the level of resistance is $670. 

Bitcoin price prospective and retrospective 

However, when the reward for mining was first halved in November 2012, the price too was unchangeable for a few months. Let me recall to you that in 2009 the reward for mining one block was 50 BTC. In 2012 it was halved to 25 BTC per block. Since July 9, 2016 it is 12.5 BTC per one block. The next halving of rewards for one block is scheduled in 2020, and it will be 6.25 BTC. 

Today there are more questions than answers about the trend of the Bitcoin price. What do you think about the prospects of the Bitcoin price?

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.