Amidst anticipation surrounding BTC’s upcoming halving event in 2024, cryptocurrency experts project a potential surge in Bitcoin price, with historical data suggesting significant growth and a buying opportunity.
Past halvings in 2016 and 2020 witnessed an average price increase of 400% within a year, potentially propelling Bitcoin to $84,145 three months post-halving and soaring to $361,152 within a year, according to a study by CoinLedger.
With every 210,000 blocks mined, the block reward halves, controlling the supply of new Bitcoin entering circulation and historically leading to positive price action.
During the 2016 halving, Bitcoin's price increased by 10.99% within three months, while in 2020, it surged by 32.91% within the same period. The average increase across these two events stands at 21.95%, suggesting a potential rise to $84,145 three months after the 2024 halving.
Six months post-halving, Bitcoin's price historically continued to rise. In 2016, it increased by 51.57%, while in 2020, it surged by 83.17%. Based on these figures, experts estimate a potential rise to $115,733 six months after the 2024 halving.
The year following a halving has seen remarkable price action for Bitcoin. In 2012, it witnessed an unprecedented 8,000% increase, while in 2016 and 2020, it saw increases of 284% and 562%, respectively, averaging at 423%. This suggests a potential price of $361,152 for Bitcoin one year after the 2024 halving, although such a figure is deemed unlikely by analysts.
CoinLedger analysts emphasized the importance of cautious optimism, urging investors to conduct thorough research, stay informed about industry developments, and only invest what they can afford to lose.
Bitcoin price is trading at $64,137 as of writing.