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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.