As Bitcoin (BTC) nears its next halving event, anticipation and speculation about its impact on the flagship decentralized finance (DeFi) asset’s price are intensifying. Insights and predictions about how the halving will affect Bitcoin’s price before, during, and after the event, as well as by the end of 2024, have been shared by experts in the crypto community.
The halving event, which will cut the reward for mining BTC, has historically caused significant shifts in the cryptocurrency market. This reduction in mining reward takes place roughly every four years or after every 210,000 blocks created on the Bitcoin blockchain, with the current reward amounting to 6.25 BTC.
A recent survey conducted by the crypto trading platform Bitget revealed that 84% of respondents believe Bitcoin will surpass its 2021 all-time high, with 41% expecting it to exceed $100,000 after the halving. Many experts have expressed positive expectations for Bitcoin’s price post-halving, citing historical trends and market cycles.
Kerel Verwaerde, CMO at crypto exchange Cryptology.com, emphasized the positive influence of the event on Bitcoin’s price while cautioning that predicting precise price movements post-halving is speculative and challenging.
Lucas Kiely, CIO of digital wealth management platform Yield App, also expressed optimism, predicting that Bitcoin could reach $100,000 by the end of 2024 based on historical trends.
Additionally, Taras Kulyk, founder, and CEO of SunnySide Digital, expects Bitcoin to range between $60,000 and $100,000 by the end of the year, considering the historical pricing impacts of halvings.
As of the time of writing, Bitcoin was trading at $43,399, showing positive momentum in the last 24 hours and across the previous seven days. While predicting specific figures is challenging, there is a possibility that Bitcoin could surpass the $100,000 mark following its halving event, particularly based on previous market cycles.
It’s important to note that the content of this article should not be considered investment advice, as investing in cryptocurrencies carries inherent risks. When investing, it’s crucial to understand that your capital is at risk.
