Bitcoin’s Price Predictions Post-Halving: What’s Next?
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Bitcoin, the world’s largest cryptocurrency, marked a significant milestone on Friday evening as it completed its fourth “halving. Leading up to this event, Bitcoin’s price has been fluctuating, dropping about 4% this week to hovering around $64,100. However, with the halving now complete, many experts are predicting a bullish surge for Bitcoin shortly.
4th Bitcoin Halving Completed
The Bitcoin halving is a significant event occurring roughly every four years in the cryptocurrency space. It involves cutting miners’ rewards in half, from 6.25 BTC to 3.125 BTC per block, to manage inflation and maintain Bitcoin’s scarcity.
While the halving itself is not expected to have an immediate impact on Bitcoin’s price, many investors anticipate significant gains in the coming months. This optimism is based on historical data showing Bitcoin’s remarkable performance following previous halvings.
After the halvings in 2012, 2016, and 2020, the price of Bitcoin surged approximately 93x, 30x, and 8x, respectively, from the day of the halving to the peak of its cycle.
Historical Price Trends
However, previous Bitcoin halving events have consistently led to significant price appreciation, a trend highlighted by crypto analyst Rizzo. Rizzo notes that after each halving, Bitcoin tends to add a zero to its value, showcasing substantial growth.
The #Bitcoin price when each halving happened:
2012: $10
2016: $650
2020: $8,800
2024: $6X,XXX
Adding a 0 every time
— Rizzo (@pete_rizzo_) April 18, 2024
For instance, in 2012, Bitcoin was priced at $10 during its first halving, while subsequent events in 2016 and 2020 saw BTC trading at $650 and $8,800, respectively.
With Bitcoin currently hovering around $64,042, there’s growing anticipation that it could surpass $100,000 by the time of the next halving event in 2028.
Expert Bullish Predictions
Several prominent figures in the crypto space have weighed in with their predictions for Bitcoin’s post-halving trajectory. Notable names such as Thomas Lee of Fundstrat, Mark Yusko of Morgan Creek Capital Management, and financial institutions like Standard Chartered and Bernstein have all projected substantial price gains for Bitcoin. Predictions range from Bitcoin reaching $150,000 by year-end to hitting $200,000 in the current bull cycle.
Even renowned financial author Robert Kiyosaki and Galaxy Digital CEO Michael Novogratz have expressed confidence in Bitcoin’s potential, with price targets of $100,000 and beyond.
As the Bitcoin halving event approaches, anticipation and excitement run high within the crypto community.
Filed under: Bitcoin - @ April 20, 2024 5:17 am