The Bitcoin halving event is less than a year away as of now. So far, nothing about the fate of the price and the miners can be forecasted. Speculations run abound, with some claiming BTC will cross $20k and stay above it by the end of next year.
Currently, miners earn 12.5 Bitcoin per block. During this awaited event, the reward would reduce to 6.25 Bitcoin per block. This event cannot be skipped as it is part of the original protocol. Due to this, miners may end up shutting shop so as to account for losses.
This is a non-ideal situation highlighted by a famous crypto-analyst. If this occurs, many new investors will be piqued by the market and choose Bitcoin transactions as the way to move forward:
Technically, everything is in play until end of 2020, after that sub $5,000 is not likely.
Worst Case Scenario: prices drop to $5k into the halving, then after halving 70% of miners shut down due to negative revenue, #Bitcoin spirals down in price but then rises from the dead!
— Tone Vays [#UnderstandBit] (@ToneVays) July 5, 2019
The Altcoin Phenomenon has also been part of the market. Many coins such as Binance and Litecoin have recorded spectacular profits for investors. However, there exist popular names which have been unable to yield benefits as well. This problem exists due to the lack of decentralization and scalability in some cases.
After the second halving event which took place in 2016, the price received a boost. In a span of 11-12 months, BTC had risen to $20,000 at the end of 2017. By 2018, the price has sunk yet again. This shows that BTC can’t hold a high price value without the sellers getting excited by the bullish growth.
If people wish to see a climb, then patience is the key to victory. Bitcoin Cash, TRON, and other coins may bear the brunt of Bitcoin scaling high, but they will also have growth due to the leading cryptocurrency.
As some miners leave, those who stick to the game-plan will still incur profits as the difficulty and processing power needed for mining goes down.