Despite its recent consolidation, the flagship digital asset Bitcoin (BTC) has been recording steady increases since the year’s turn, growing over 40% as it rode on the wave of renewed optimism on the cryptocurrency market, and some experts predict the gains will continue in the future, influenced by its halving event.
Indeed, Bitcoin could reach $50,000 before the next halving date, which is estimated to occur in the first half of 2024, as well as to top out at an impressive $200,000 in the period after the halving, according to the observations made by the pseudonymous cryptocurrency analyst Trader Tardigrade on March 2.
Specifically, as per the chart shared by the crypto expert, the price of Bitcoin is placed in the area at around $50,000 in late 2023, followed by a significant surge toward about $200,000 sometime in early or mid-2025, after which another drop in price is to be expected.
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Notably, Bitcoin halving is a significant event in the crypto world, taking place every four years when the reward for mining new BTC blocks is cut in half. This is done to control the supply of the maiden digital asset, as there can only ever be 21 million BTC in circulation.
Historically, the halving events have led to an increase in Bitcoin price as the supply becomes more limited. The next halving is set to occur when the digital asset reaches 840,000 blocks, cutting in half the current 6.25 BTC reward for each block mined.
Bitcoin price analysis
As things stand, the price of Bitcoin currently stands at $23,393, which represents a decline of 1.34% on its daily chart, as well as a loss of 3.12% while still recording an increase of 2.42% over the previous 30 days, as the latest data demonstrates.
At the same time, crypto analyst Rekt Capital has noted that the time to accumulate BTC at sensibly low levels is slowly running out, as the largest decentralized finance (DeFi) asset by market capitalization isn’t far from the macro downtrend breakout.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
