Bitcoin (BTC) is inching closer to its next halving event, and the excitement in the crypto world is growing. Experts continue to interpret what developments might occur before, during, and after the halving in Bitcoin.
What Will Happen During the Halving?
Indeed, Bitcoin is approaching an important milestone. This process, which will halve the reward for BTC mining, has historically opened the door to significant developments in the crypto world in the months following the previous three halvings.
In particular, the upcoming halving will adjust Bitcoin’s algorithm, which occurs approximately every four years or after every 210,000 blocks created on the blockchain, halving the mining reward (currently at 6.25 BTC) to combat inflation.
What Will Bitcoin’s Price Be?
The crypto platform Bitget recently conducted a survey. In the survey, 84% of participants believed Bitcoin would surpass its 2021 all-time high (ATH) level of $69,000 after the halving. On the other hand, 41% of participants from Western European countries indicated that the price could exceed $100,000.
Cryptologycom’s CMO, Kerel Verwaerde, gave an interview with Kitco NEWS on the subject. In the interview, Verwaerde discussed expectations for a price increase based on the upcoming halving, noting that past events positively affected the price.
Karel Verwaerde clarified his views with the following statement:
A gradual rise is expected to emerge over a few months, even if not longer. It’s important to recognize that market cycles are cyclical and not continuous, but there is an expectation that new highs and lows will surpass the previous ones.
Additionally, Lucas Kiely, CIO of the digital asset management platform Yield App, emphasized past halvings and suggested that the price could exceed $100,000, adding:
Considering the growth rates from previous halving years and Bitcoin’s excellent performance in recent months, we expect to reach the all-time high of $100,000 within 2024.
How Much is Bitcoin Worth?
As of writing, Bitcoin had fallen below the $43,000 level again. BTC is trading at $42,700, experiencing a 0.95% decrease in the last 24 hours.
The trading volume has increased by 17% during this period, rising above $17 billion. Meanwhile, Bitcoin’s overall market cap has declined by nearly 1%, falling below $840 billion.
The upcoming Halving, supported by past data, holds the potential to pave the way for investors towards a $100,000 BTC price. However, considering the economic uncertainties worldwide, the actual situation will become clearer in the days ahead.
