Will the Bitcoin halving drive it to a new all-time high?

The Bitcoin halving will commence in May with several analysts suggesting that the event could be the spark that ignites a cryptocurrency bull market.

Every few years, or every 210,000 mined blocks to be precise, Bitcoin undergoes a halving. A halving is where block rewards for miners gets slashed from 12.5BTC to 6.25BTC.

In its 11-year history Bitcoin has been through two halving events, one in 2012 and one in 2016.

On both occasions Bitcoin surged to a new all-time high within 12 months, with the latest coming in December 2017 when it reached $20,000.

More than two years later and Bitcoin continues to trade at around $8,000, which could provide an ideal springboard around the halving.

The theory is that as rewards for miners are reduced, the supply going onto the market also experiences a reduction. As supply dries up natural demand will cause price to go to the upside.

But the halving isn’t the only fundamental event that may cause a spike in the value of cryptocurrencies,…