Experts: the current halving could raise the price of Bitcoin to $700,000
Analyst expected minimum of $192,000
Bitcoin halving events, while expected, are disrupting the cryptocurrency landscape, causing disinflation, miner outages and hashrate fluctuations, leading to speculation of significant industry growth to come.
About once every four years, Bitcoin experiences a halving—a halving of the reward for mining a block. The recent halving occurred at block No. 840,000, bringing the reward down to 3.125 BTC.
After this, the Bitcoin hashrate fell sharply, which was caused by the shutdown of inefficient ASICs for mining. It is expected that until mining difficulty changes and a new equilibrium is established, hashrate will remain low.
Historically, each previous Bitcoin halving has been accompanied by impressive price surges, ranging from 200 to 1000%. Based on this trend, forecasts suggest that Bitcoin could reach levels between $192,000 and $704,000, given that the pre-halving price was $64,000.
Investment firm Bernstein predicts that the market value of the cryptocurrency sector will rise to $7.5 trillion by 2025, up from the current $2.6 trillion. With Bitcoin's share of the sector remaining at 54%, this forecast implies a potential price increase to around $210,000.
Moreover, past data shows that investing in Bitcoin six months before the price halving and selling eighteen months later consistently outperforms a simple holding strategy. This suggests that Bitcoin could reach its new all-time high sometime in early 2025.
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