Bitcoin price will not double the day after the halving, but will begin to update ATH in a year. This was stated by the head of Binance, Changpeng Zhao, citing his experience.
CZ: The day after the halving, the bitcoin price won’t double overnight. But The year after the halving, bitcoin price hits multiple ATH (all time highs). This is my experience based on the past 3 halvings. Read more https://t.co/2iOlogWEfk
— Wu Blockchain (@WuBlockchain) October 9, 2023
The platform headed by Zhao added a special countdown tracker to the halving on its home page.
The CEO of Binance described an approximate scenario for the development of events:
- In the months leading up to the halving there will be more and more talk, news, worry, anticipation, excitement, hope.
- The day after the event, the price will not react by doubling. Users will wonder why this did not happen.
- A year after the halving, the price of Bitcoin will update its ATH many times over. People will start looking for an explanation. People have short memories.
“I’m not saying there is a proven cause-and-effect relationship. History does not predict the future.” – Zhao explained.
According to the tracker, at the time of writing there are approximately less than 192 days and 12 hours left until the halving.
The reward for miners is expected to be halved (to 3,125 BTC) in April 2024, when the block height reaches 840,000.
Let us remember that the founder of Edelman Financial Engines, Rick Edelman, in his forecast for Bitcoin’s growth to $150,000 by the summer of 2025, named the upcoming halving as one of the factors.
In August, trader and analyst Michael van de Poppe predicted an increase in the rate of the first cryptocurrency to $50,000 in anticipation of this event.
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