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The TIE Concludes Correlation Between BTC 2020 Bullish Prices and BTC Halving

The TIE Concludes Correlation Between BTC 2020 Bullish Prices and BTC Halving

The TIE, an alternative data provider for digital assets, has discovered a definitive correlation between Bitcoin’s market price and the mentions of the upcoming halving. This comes after evaluating the data from various media outlets, inspecting Bitcoin’s price at that point in time.

Definite Connection Concluded

Joshua Frank, the CEO of The TIE, explained the matter in greater detail. He said that his group took notice that the BTC experienced a downward price movement as the mentions of the upcoming halving were starting to decrease, back in the previous fall. He explained that the buy Bitcoin price, in turn, started to go back up as the narrative of the halving began to pick up steam once more.

On the 22nd of February, 2020, the TIE made a tweet regarding this matter. Attached, they showed a visual graph that demonstrates both the price in BTC, as well as the overall mentions of the halving.

The firm concluded that the number of times the upcoming halving was mentioned when it comes to crypto publications, had a direct effect on the overall price movement of BTC. As it stands now, however, the amount of media covering the halving has reached an all-time high. The price of BTC is working to follow that.

Looming Supply Reduction

The halving event mentioned so many times, is referencing the Bitcoin halving that is expected to occur in around May of 2020. This would decrease the mining reward for the cryptocurrency, halving it to 6.25 from 12.5, hence the name. What this entails is that there will be less BTC entering the market consistently, eventually leading to the coin stopping production altogether.

This event happens about every four years of Bitcoin’s existence, with Bitcoin itself already having completed two other halvings in the past. Historically speaking, the development has led to a large amount of hype and thus higher prices for the entire crypto industry, especially BTC. Due to this prior knowledge, many Bitcoin investors are going full bullish for the event.

Sentiments Is King

After reviewing data coming from 22 major crypto media outlets, The Tie has concluded that there is a “moderately strong and positive” correlation when it comes to Bitcoin’s price, and the number of times the upcoming halving has been mentioned.

With any luck, a bubble won’t pop again like the last two times, but many analysts grimly predict the events repeating itself this year. Only time will tell, but probabilities say that another market crash might happen.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.