Amid anticipation surrounding the upcoming BTC halving event in 2024, cryptocurrency experts are projecting a possible rise in price, with historical data suggesting significant growth and a buying opportunity.
Previous halvings in 2016 and 2020 saw an average price increase of 400% in one year, potentially pushing Bitcoin to $84,145 three months after the halving and skyrocketing to $361,152 within a year. , according to a CoinLedger study.
With every 210,000 blocks mined, the block reward is halved, controlling the supply of new Bitcoin entering circulation and historically generating positive price action.
During the 2016 halving, the price of Bitcoin increased by 10.99% in three months, while in 2020 it increased by 32.91% in the same period. The average increase in these two events is 21.95%, suggesting a potential increase to $84,145 three months after the 2024 halving.
Six months after the halving, the price of Bitcoin historically continued to rise. In 2016 it increased by 51.57%, while in 2020 it increased by 83.17%. Based on these figures, experts estimate a potential increase to $115,733 six months after the 2024 halving.
The year following the halving saw notable Bitcoin price action. In 2012, it witnessed an unprecedented increase of 8,000%, while in 2016 and 2020 it saw increases of 284% and 562%, respectively, with an average of 423%. This suggests a potential price of $361,152 for Bitcoin one year after the 2024 halving, although analysts consider that figure unlikely.
CoinLedger analysts emphasized the importance of cautious optimism, urging investors to conduct extensive research, stay informed on industry developments, and only invest what they can afford to lose.
Bitcoin price is trading at $64,137 at the time of writing.
