Bitcoin, the world's largest cryptocurrency, reached a significant milestone on Friday night, completing its fourth “halving.” Leading up to this event, Bitcoin's price has been volatile, declining by about 4% this week and hovering around $64,100. However, now that the halving is complete, many experts are predicting a bullish surge in Bitcoin soon.
4th Bitcoin halving complete
The Bitcoin halving is a significant event in the cryptocurrency space that occurs approximately every four years. This includes cutting miner 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 prices, many investors are expecting a significant increase in the coming months. This optimism is based on historical data showing Bitcoin's remarkable performance following past halvings.
After the halvings in 2012, 2016, and 2020, the price of Bitcoin soared approximately 93x, 30x, and 8x, respectively, from the day of the halving to the cycle peak.
Past price trends
However, previous Bitcoin halving events have consistently resulted in significant price increases, a trend highlighted by cryptocurrency analyst Rizzo. Rizzo points out that every time Bitcoin is halved, a zero is added to its value, which tends to show significant growth.
For example, during the first halving in 2012, the price of Bitcoin was $10, but in subsequent events in 2016 and 2020, BTC traded at $650 and $8,800, respectively.
Bitcoin is currently hovering around $64,042, raising expectations that it will surpass $100,000 by the next halving in 2028.
Bullish predictions from experts
Some of the biggest names in the cryptocurrency industry have weighed in on their predictions for Bitcoin's post-halving trajectory. Celebrities such as Thomas Lee of Fundstrat and Mark Yusko of Morgan Creek Capital Management, as well as financial institutions such as Standard Chartered and Bernstein, are all predicting significant price increases for Bitcoin. There is. Predictions vary for Bitcoin to reach $150,000 by the end of the year to $200,000 in the current bull cycle.
Even prominent financial author Robert Kiyosaki and Galaxy Digital CEO Michael Novogratz have expressed confidence in Bitcoin's potential, with price targets above $100,000.
As the Bitcoin halving event approaches, anticipation and excitement are building within the crypto community.
