Bitcoin is still lingering on the same price range it has maintained over the past weeks. There are growing expectations as to why BTC’s price remains unusually reluctant. Many analysts have called for the historical charts, in order to observe the past price actions prior to the halving conducted in 2012 and 2016.
Amidst these speculations, Anthony Pompliano, the Cofounder at Morgan Creeks Digital, who is a stern Bitcoin maximalist, hinted the crypto space about the scheduled mining of 18 millionth BTC, prompting Changpeng Zhao, the CEO of Binance to aver what precedes the limited supply of any commodity.
18 Millionth BTC to Be Mined in Hours’ Time
Bitcoin Halving is scheduled to be conducted by May 2020. This is the event some newcomers in the cryptocurrency sphere have been waiting for, due to the favorable circumstances that surrounded the first two halving.
Aside from the much-anticipated mining, 18 millionth Bitcoin is scheduled to be mined on Friday 18th May 2019, as hinted by Anthony Pompliano. He went further to state that only 3 Million BTC is left to mine, making the total supply 21 million BTC, according to CoinMarketCap.
He said, “The 18 millionth Bitcoin will be mined tomorrow. There are only 3 Million Left to mine after that.”
CZ Binance Stresses the Implication of Limited Supply
The CEO of Binance, largest digital currency exchange by transaction volume, Changpeng Zhao, popularly known as CZ, reacted promptly to the trending post shared by Pompliano.
In his response, he pointed to the implication of limited supply of any commodity, especially when its demand starts increasing significantly.
Actually, the increase in demand of any scarce commodity always results to increase in price. This is simply comparable to what could play out on Bitcoin’s price afterward.
CZ said, “Limited supply (and increasing demand) only does one thing to price!”
Limited supply (and increasing demand) only does one thing to price!
— CZ Binance (@cz_binance) October 17, 2019
Bitcoin (BTC) Price Not Improving, Hope Not Lost
Bitcoin (BTC) Price has failed to replicate the surging trend it maintained sometimes in June 2019. Back then, BTC experienced a parabolic price movement that seemed unbeatable but later subjected surprisingly to the bears.
Bitcoin is now changing hands around $8,000 resistance level, a price far below the expectation of some Bitcoin investors.
However, such price trend is not strange to the rising of BTC from inception. So, the past occurrences are Indications that the digital currency would eventually sustain the present price reluctance.
At the time of filing this report, BTC is trading at $8,090.64, with about 1 percent price upsurge in the last 24 hours. Despite the present unfavorable price trend, there are chances for Bitcoin to get back on track as usual, considering historical scenarios.