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With the upcoming Bitcoin halving slated to occur in the next few hours, we’ve compiled the top predictions for BTC price after the highly anticipated event.
Bitcoin Halving, one of the most anticipated events in the crypto industry, is imminent. According to CoinMarketCap, this season’s long-awaited halving will occur in the next 12 hours.
The event, which takes place every four years, is designed to reduce the rate at which new BTC is created by slashing miners’ rewards in half. Bitcoin miners’ rewards will be reduced to 3.125 BTC per block compared to the current 6.25 BTC.
Interestingly, most Bitcoin proponents believe the halving mechanism helps bolster BTC price in accordance with basic economic principles. The principle notes that the lower the supply rate of a commodity, the higher its demand, thus leading to a surge in its price.
Bitcoin Historical Price During Halving
A popular crypto proponent, Rizzo, took to X to highlight Bitcoin’s price during each halving event. According to Rizzo, Bitcoin has continuously added a zero to its price since the first halving in 2012.
Rizzo noted that when the first Bitcoin halving occurred in 2012, BTC changed hands at $10. During the second and third halvings in 2016 and 2020, BTC traded at $650 and $8,800, respectively.
✨ The #Bitcoin price when each halving happened:
2012: $10
2016: $650
2020: $8,800
2024: $6X,XXXAdding a 0 every time 👏
— Rizzo (@pete_rizzo_) April 18, 2024
With the fourth halving imminent in a few hours, Bitcoin was trading at $64,842 at press time, up 3.42% over the past day.
Based on Rizzo’s observation that Bitcoin usually adds a zero to its price during every halving, a unit of BTC could be worth at least $100,000 at the time of the fifth halving, which is slated to occur by 2028.
Historically, Bitcoin usually witnessed a spike in price several months after each halving event. For instance, Bitcoin, which traded at around $8,800 during the third and last halving, is currently worth $64,842. This indicates that Bitcoin’s price has surged 636.84% since the last halving.
Top Predictions for BTC After Halving
Interestingly, several market watchers and experts have projected that Bitcoin will follow the same pattern of previous halvings and embark on a jaw-dropping rally. Many of these experts project that Bitcoin could surge as high as $150,000 after the highly anticipated halving.
This prediction is supported by experts such as 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.
In particular, while Lee and Standard Chartered expect Bitcoin to hit the $150,000 price level by year-end, Yusko and Berstein 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,” asserted that Bitcoin will reach a price target of $100,000 by June 2024, two months after halving.
Last month, Michael Novogratz, the CEO of Galaxy Digital, believed Bitcoin will hit a target of $100,000 this year. Meanwhile, legendary trader Peter Brandt set an audacious target of $200,000 for Bitcoin in this season’s bull cycle, expected to materialize after the halving event.