Throughout its trading history, bitcoin began a new bullish cycle about a year before the half-life of the block reward (halving). This happened both in November 2011, about a year before halving in December 2012, and in August 2015, about a year before halving in July 2016.
Following this trend and the data that the next halving will take place at the end of may 2020, we can assume that this spring we will see the beginning of a new bullish cycle. This means that until the middle of the spring of this year, the expected movements of the main cryptocurrency will be concluded in a relatively narrow price channel, which we have seen in the last few months.
Portal Cryptodaily, pointing to the weekly chart BNC Bitcoin Liquid Index (BNC: BLX), also reports that before the mood will change 180 degrees and begin a new cycle, investors will continue to accumulate bitcoin at current prices, which happens in the background in no way reflected in the data provided by exchanges or services such as Coinmarketcap.
The development of the cryptocurrency ecosystem is moving so fast that what is happening earlier in a few years, takes place within a few months and the global economy is not the same as bitcoin itself. Four years ago, most financial institutions and regulators ignored the new technology. However, today the circumstances are completely different and cryptocurrencies have become almost the hottest topic at all levels of discussion.
The case is taking a turn when financial institutions and technology companies may soon disappear if they are not part of this revolution. This may be the first time in history that enthusiasts have defeated wall street in the race to adopt a new asset class.