Uploaded August 2020 | Updated September 2026, 15 hours ago
Bitcoin suffers a “halving dump” after testing $10,000, what the event means for miners, and the latest predictions of where prices will be in 2021 and beyond.
We’re less than 48 hours away from “the halvening” — and there’s been no end of drama over the past week. Initially, there was hype as Bitcoin soared, with the world’s biggest cryptocurrency testing $10,000. But over the weekend, a dramatic and sudden sell-off began — a sharp correction that caused BTC to slide all the way back to $8,100. Bitcoin plunged by 9% in a single hour as it failed to tackle the $10,200-to-$10,500 range, which has historically served as a strong level of resistance. Some analysts had been arguing that a sell-off was inevitable because BTC was overbought, but even they were predicting that this would happen after the halving. The big question now is whether that “fear of missing out” remains, whether Bitcoin can bounce back, and whether crypto executives, such as Decred Founder Joseph Young, believe prices will “roughly double” in the short term.
It’s worth taking a moment to reflect on the impact that the halving will have on miners. A supply shock is imminent — and once it’s taken place, only 900 new Bitcoin will be entering circulation per day, a sharp decrease from the 1,800 we’ve had for four years. Data suggests that miners are hoarding BTC ahead of the halving, with ByteTree suggesting that higher prices are ahead of us. Many miners will see the expense associated with mining a single Bitcoin rise substantially, far beyond the average of $6,851 reported earlier this year. Some estimates suggest that it could cost anywhere between $12,000 and $15,000 in the not-too-distant future, and this means prices would have to rise if miners have any hope of breaking even.
Bitcoin suffers a “halving dump” after testing $10,000, what the event means for miners, and the latest predictions of where prices will be in 2021 and beyond.
We’re less than 48 hours away from “the halvening” — and there’s been no end of drama over the past week. Initially, there was hype as Bitcoin soared, with the world’s biggest cryptocurrency testing $10,000. But over the weekend, a dramatic and sudden sell-off began — a sharp correction that caused BTC to slide all the way back to $8,100. Bitcoin plunged by 9% in a single hour as it failed to tackle the $10,200-to-$10,500 range, which has historically served as a strong level of resistance. Some analysts had been arguing that a sell-off was inevitable because BTC was overbought, but even they were predicting that this would happen after the halving. The big question now is whether that “fear of missing out” remains, whether Bitcoin can bounce back, and whether crypto executives, such as Decred Founder Joseph Young, believe prices will “roughly double” in the short term.
It’s worth taking a moment to reflect on the impact that the halving will have on miners. A supply shock is imminent — and once it’s taken place, only 900 new Bitcoin will be entering circulation per day, a sharp decrease from the 1,800 we’ve had for four years. Data suggests that miners are hoarding BTC ahead of the halving, with ByteTree suggesting that higher prices are ahead of us. Many miners will see the expense associated with mining a single Bitcoin rise substantially, far beyond the average of $6,851 reported earlier this year. Some estimates suggest that it could cost anywhere between $12,000 and $15,000 in the not-too-distant future, and this means prices would have to rise if miners have any hope of breaking even.
