With the highly anticipated Bitcoin halving just hours away, we have compiled a list of the top predictions for the price of BTC after the event.
The Bitcoin halving, which is one of the most eagerly awaited events in the crypto industry, is about to happen. According to CoinMarketCap, the long-awaited halving will take place within the next 12 hours.
This event occurs every four years and is designed to reduce the rate at which new BTC is created by cutting miners’ rewards in half. The miners’ rewards will be reduced to 3.125 BTC per block, compared to the current 6.25 BTC.
Interestingly, most Bitcoin supporters believe that the halving mechanism helps to strengthen the price of BTC in line with basic economic principles. These principles state that as the supply rate of a commodity decreases, its demand increases, leading to a price surge.
Bitcoin’s price during previous halving events has been highlighted by a popular crypto advocate, Rizzo. According to Rizzo, Bitcoin has consistently added a zero to its price since the first halving in 2012.
Rizzo pointed out that during the first halving in 2012, BTC was trading at $10. In the second and third halvings in 2016 and 2020, BTC was valued at $650 and $8,800 respectively.
At the time of writing, Bitcoin was trading at $64,842, a 3.42% increase over the past day, with the fourth halving just a few hours away.
Based on Rizzo’s observation that Bitcoin usually adds a zero to its price during each halving, it is estimated that a unit of BTC could be worth at least $100,000 by the time of the fifth halving, which is expected to occur by 2028.
Historically, Bitcoin has experienced a price spike several months after each halving event. For example, Bitcoin, which was valued at around $8,800 during the third and most recent halving, is currently worth $64,842, representing a 636.84% surge since the last halving.
Many market watchers and experts predict that Bitcoin will follow the same pattern as previous halvings and embark on a remarkable rally. These experts include Thomas Lee, Fundstrat’s head of research; Mark Yusko of Morgan Creek Capital Management; Standard Chartered, a leading financial institution; and Bernstein, a top asset manager.
Lee and Standard Chartered expect Bitcoin to reach the $150,000 price level by the end of this year, while Yusko and Bernstein speculate that their $150,000 prediction for BTC will come true by 2025.
Furthermore, Robert Kiyosaki, the author of the popular financial literacy book “Rich Dad Poor Dad,” confidently stated that Bitcoin will reach a price target of $100,000 by June 2024, just two months after the halving.
Last month, Michael Novogratz, the CEO of Galaxy Digital, predicted that Bitcoin will hit a target of $100,000 this year. Meanwhile, legendary trader Peter Brandt set an ambitious target of $200,000 for Bitcoin in this season’s bull cycle, which is expected to materialize after the halving event.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.