Amidst the anticipation surrounding the upcoming Bitcoin halving event in 2024, cryptocurrency experts are anticipating a potential rise in the price of Bitcoin, with historical data indicating significant growth and a buying opportunity.
Previous halvings in 2016 and 2020 saw prices increase by an average of 400% within a year, which could push Bitcoin to $84,145 three months after the halving and as high as $361,152 within a year, according to a study by CoinLedger.
With every 210,000 blocks mined, the block reward is halved, which means controlling the supply of new Bitcoin entering circulation, and historically leading to positive price movement.
During the 2016 halving, Bitcoin's price rose by 10.99% over three months, while in 2020 it rose by 32.91% over the same period. The average increase across these two events was 21.95%, indicating a potential rise to $84,145 three months after the 2024 halving.
Six months after the halving event, the price of Bitcoin has historically continued to rise. In 2016, it rose by 51.57%, while in 2020, it rose by 83.17%. Based on these numbers, experts estimate the possibility of Bitcoin rising to $115,733 six months after the 2024 halving.
The year following the halving event saw significant price movement for Bitcoin. In 2012, the currency saw 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 Bitcoin price of US$361,152 one year after its halving in 2024, although this figure is considered unlikely by analysts.
CoinLedger analysts stressed the importance of cautious optimism, urging investors to conduct thorough research, stay abreast of industry developments, and only invest what they can afford to lose.
