Before I go into today’s article I would like to point out a mistake in yesterday’s article at the end of the equation I solved it said $650 was the price per Bitcoin after the first halving took place, while it was in fact the price after the second halving.
The title of our article is a reference to the Bitcoin mining reward per block being cut in half from 12.5 to 6.25. This marked the third halving event since Bitcoin’s creation and it is designed to cut block rewards for miners 29 more times, with the next two estimated to occur around 2024 and 2028.
A little bit less than a week after we issued a buy signal for anyone not in the market already to go long at $9,300 Bitcoin futures on the CME plummeted over 15% and as of 3:00 PM EST is trading down $1,545 at $8,485.
