Cryptocurrency enthusiasts are currently locked in anticipation of the Bitcoin halving this month. This cycle is different from the previous ones. BTC reached its peak before the halving, and now new peaks are expected after it, with predictions for the next halving in 2028 already starting to emerge. Could Bitcoin‘s price reach an astonishing $435,000 before the 2028 halving? Let’s take a look at the current data and expert opinions.
Bitcoin Price Could Reach $435,000
Based on past data, it is suggested that Bitcoin’s price could be $435,000 after the 2028 halving. Hao Yang from Bybit argues that although halvings are associated with Bitcoin bull cycles, the current rally is primarily due to ETF entries.
BTC has experienced approximately a 650% rally since the last Bitcoin halving in 2020. If history repeats itself, Bitcoin could reach the $435,000 price level before the 2028 halving. The Bitcoin price has shown an approximate 658% increase since the last Bitcoin halving in 2020 and is currently trading around $66,000.
The 2024 Bitcoin halving will occur in less than three weeks. If historical chart patterns repeat, Bitcoin’s current price of $66,000 could reach $434,280 by the 2028 halving, given a similar performance to the current cycle.
Post-Halving Bitcoin Rallies
Bitcoin’s post-halving rallies have seen diminishing returns over the years. Until the first halving in 2012, Bitcoin had almost no value and surged over 12,400% to $12.50. The Bitcoin price increased 5,200% to $650 by the 2016 halving and 1,200% to $8,500 by the 2020 halving.
If this trend of diminishing returns continues, Bitcoin, the flagship of cryptocurrencies, will execute a 360% rally in the next cycle, resulting in an approximate BTC price of $303,600 at the 2028 halving.
So, does the Bitcoin halving or ETFs have a greater impact? According to Hao Yang, director of financial products at Bybit, the recent price increase is not related to the upcoming halving but is mainly due to entries into spot Bitcoin exchange-traded funds (ETFs). However, Yang remains hopeful for reaching the $435,000 price by 2028.
According to a report by Bloomberg analyst Eric Balchunas, a six-figure BTC price could become even more likely if Bitcoin ETFs surpass gold ETFs.
