Bitcoin is just 5 days away from the great halving and analysts see great potential in it.

On May 12, 2020, the BTC blockchain will experience the third block reward halving since the inception of the network back in 2009. The event means that miners who find blocks will only get 6.25 BTC per block, as opposed to the current 12.5 BTC they can obtain today. Despite the 50% cut in revenue seven days from now, miners have increased processing power quite a bit in the last few weeks. The crypto-analysis firm Glassnode revealed on Sunday that the BTC chain saw well over 140 exahash per second (EH/s), which is an all-time high (ATH) for the network.

No wonder analysts around the world are making great predictions about bitcoin’s future.

Pantera Capital chief executive officer Dan Morehead has predicted a 50% chance the price of bitcoin (BTC) will hit $115,000 by August next year.

In a recent letter to investors, Morehead said: “If the new supply of bitcoin is cut in half (with the May 12 halving), all else being equal, the price should rise.”

The cryptocurrency entrepreneur analyzed bitcoin’s year-to-date performance against gold, oil, and private equity financing. He forecasts that BTC will continue to gain against other asset classes, post-halving, as fiat depreciates from stimulus packages.

Morehead noted that halving historically propels a bull run, due to real or perceived scarcity of supply.

“The post-halving rallies have averaged 446 days — from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving. If history were to repeat itself, bitcoin would peak in August 2021,” he explained, giving the prediction a “more than 50-50 chance.”

“The second halving decreased supply only one-third as much as the first. Very interestingly, it had exactly one-third the price impact.”

At the same time Bitcoin’s pull from stock market is a marker of strength according to another analyst.  

Bitcoin (BTC)
staying above $8,000 is a sign of increasing momentum and detachment from the stock market beta-pull, according to Bloomberg senior analyst Mike McGlone.

In a new bitcoin report published on May 5, McGlone said that sustaining above this level is necessary to indicate strength.

“Bitcoin is showing divergent strength versus the wobbly stock market,” he said, noting the cryptocurrency’s rapid decline on March 12, when it plunged 27%.

BTC rose past $8,000 for the first time in several weeks at the end of April, largely spurred by the impending halving. At Press time, the coin was up 4.2% at $9,216 over the last 24 hours, according to data from

The Bloomberg Galaxy Crypto Index (BGCI) shows bitcoin “recovering above its upward-sloping 52-week moving average, while the same measure of the S&P 500 is turning downward.”