Bitcoin was the first-ever cryptocurrency that changed the whole digital currency world. It’s exactly been 12 years for October 31st, 2020 since Bitcoin’s whitepaper released. The mastermind, unknown Satoshi Nakomoto himself authored it.
Back in 2008, where Bitcoin was released, there was a different price path. But with time it grew and the price increased that we couldn’t even imagine. That’s because of the limited supply and huge demand.
The largest financial companies are supporting cryptocurrencies. Even top-class investors couldn’t keep their eyes away from cryptocurrencies which resulted in high market liquidity.
Here’s the interesting story.
Bitcoin hit exactly 14,000$ on its 12 year anniversary. This could make sense. Let’s discuss more.
12th Anniversary is in a Bull Cycle?
Bitcoin network has been coded to do something interesting with the Bitcoin supply. You know there are 21 million Bitcoin. After Bitcoin was released, there is only one path to Bitcoin get into the market. Mining.
Miners get fresh Bitcoin when validating bitcoin transactions as a reward. So every 4 years, Bitcoin is coded to cut down 50% of miner’s reward. It is called Halving.
Why is it though?
This happens because the 21 Million Bitcoin can ever exist in the blockchain. But the thing is, the 3rd Bitcoin halving was happened also in 2020. And this also 12th anniversary makes so special to Bitcoin.
The outstanding thing is every 1.5 to 2 years after the bitcoin halving, Bitcoin was in a strong bull cycle. And that’s because the supply rate getting slower every 4 years.
Not only the 12th anniversary, the 4th, 8th anniversaries are also made so special. The Bitcoin halving occurred in those anniversaries. That’s why. However, the Bitcoin price gets rejected at 14,000$. According to Cointelegraph, there are some massive buy walls in Houbi and Binance exchanges.
Massive buy walls on Huobi and Binance initially pushed BTC upwards. There was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi.