Despite its recent consolidation, digital flagship Bitcoin (BTC) has posted steady gains since the turn of the year, growing over 40% while riding a wave of renewed optimism in the cryptocurrency market, and some experts are predicting the gains will continue into the future , influenced by their bisecting event.
In fact, Bitcoin could reach $50,000 ahead of the next halving date, which is estimated to occur in the first half of 2024, and reach an impressive $200,000 in the post-halving period, according to observations by pseudonymous cryptocurrency analyst trader Tardigrade on March 2 .
According to the chart shared by the crypto expert, the price of Bitcoin will be in the area of around $50,000 by the end of 2023, followed by a significant surge towards around $200,000 sometime in early or mid-2025, after which another price decline is to be expected.
Bitcoin price action and predictions. Source: Trader Tardigrade
The Bitcoin halving in particular is a significant event in the crypto world, occurring every four years when the reward for mining new BTC blocks is halved. This is done to control the delivery of the first digital asset, as only 21 million BTC can be in circulation at any one time.
Historically, halving events have caused the price of bitcoin to surge as supply became more limited. The next halving will occur when the digital asset reaches 840,000 blocks, halving the current reward of 6.25 BTC for each mined block.
Bitcoin price analysis
As of today, Bitcoin’s price currently sits at $23,393, down 1.34% on its daily chart and down 3.12%, while still up 2.42% from the last 30 days recorded data prove.
At the same time, crypto analyst Rekt Capital has noted that the time to accumulate BTC at reasonably low levels is slowly ticking away as the largest decentralized finance (DeFi) asset by market cap is not far from breaking out of the macro downtrend.
Disclaimer: The content of this website should not be construed as investment advice. Investing is speculative. When investing, your capital is at risk.
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