The price of Bitcoin has surged around 650% since the last halving event in 2020. Based on historical patterns, experts predict that Bitcoin could reach a price level of $435,000 before the next halving in 2028. Currently, Bitcoin is trading around the $66,000 mark.
The upcoming halving event in 2024 is approaching, and if previous charts are any indication, Bitcoin’s price could reach $434,280 per unit by the 2028 halving. It is important to note that Bitcoin’s post-halving rallies have seen diminishing returns over the years. For example, after the first halving in 2012, Bitcoin’s value increased by over 12,400%. But by the 2020 halving, the price rally was only 1,200%. This trend suggests that Bitcoin’s average price rallies decrease by 45% each cycle.
If this trend continues, experts predict that Bitcoin will deliver a 360% rally during the next cycle, resulting in a BTC price of approximately $303,600 at the 2028 halving. It is worth noting, That these predictions are speculative and based on historical patterns.
Some argue that Bitcoin’s recent price surge is unrelated to the halving events and is instead attributed to inflows into spot Bitcoin exchange-traded funds (ETFs). Hao Yang, head of financial products at Bybit, explains that there is no evidence supporting a positive correlation between halving events and Bitcoin’s price. He remains optimistic about Bitcoin’s future price.
There is also speculation that Bitcoin ETFs could have a larger impact on Bitcoin’s price in the coming years. A research report from Bloomberg analyst Eric Balchunas suggests that Bitcoin ETFs could overtake gold ETFs within the next two years. Bitcoin ETFs are growing at a faster rate than gold ETFs did when they first appeared in 2004.
Bitcoin’s price has shown significant growth since the last halving event, and if historical patterns repeat, it could reach a price level of $435,000 by the 2028 halving. It is important to approach these predictions with caution as they are based on historical data and market trends can change.
The volatility of Bitcoin makes it too risky for my liking. I’d rather invest in something more stable.
The historical patterns and market trends provide a valuable insight into Bitcoin’s potential future price. Let’s see if they hold true!