TL;DR

Binance CEO Changpeng Zhao expects Bitcoin (BTC) to reach new all-time highs after the April 2023 halving but advises against premature FOMO.
CZ notes common patterns during BTC halvings, including hype, heightened expectations, and market unpredictability, emphasizing that BTC’s price won’t double overnight but will see adjustments and consolidation.
CZ suggests that typically, a year after the halving, BTC achieves multiple ATHs, as seen after the May 2020 halving when it surged from $8,000 to $29,000 in early 2021.

Patience is Key

Binance’s CEO Changpeng Zhao has his eyes set on the Bitcoin halving, predicting new all-time highs for BTC after the event, which takes place on April 25 next year. However, he had some advice (not financial) for people who may feel FOMO too early.

In a recent announcement, Binance added the Bitcoin halving countdown to its homepage. The CEO then shared some of his opinions on what could happen around the halving based on his experience with the past three halvings.

While history does not predict the future, CZ referred to the usual patterns in the build-up to the BTC halving:

Hype

The BTC halving can put investors and the general crypto community under a lot of stress; news, hype, anxiety, hope, and the narratives covered through social media may amp up bullish or bearish sentiments among investors.

Expectations

This can lead users to expand their BTC portfolios or place big bets that may not go as expected.

And this segues to one of CZ’s warnings: the crypto market can be unpredictable. Therefore, users may feel stunned as BTC’s price won’t double overnight. Instead, the halving takes Bitcoin into a series of adjustments and price consolidation

Possible Outcome:

It’s a year after the halving, CZ says, that BTC can hit multiple ATHs. If we look at the last halving in May 2020, the price was around $8k. It wasn’t until the first quarter of 2021 that BTC experienced multiple ATHs, starting in January with a 231% surge, reaching $29k.

BTC Historical Price Changes

“The year after the halving, bitcoin price hit multiple ATH (all time highs). And people ask why. People have short memories.Not saying there is proven causation. And history does NOT predict the future” CZ stated.

Despite the constant setbacks and overall bearish sentiment in the crypto market, BTC went from an average of $16500 in January 2023 to $27,545 at the time of writing, a 66% price recovery.

The post Bitcoin Price Prediction by Binance CEO Changpeng Zhao: What Will Happen After the Halving? appeared first on CryptoPotato.

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Filed under: Bitcoin - @ October 10, 2023 3:20 am