Key Points
- Bitcoin’s price has surged by around 650% since the last halving in 2020.
- Predictions suggest Bitcoin could reach $435,000 before the 2028 halving.
The price of Bitcoin (BTC) has seen a significant increase of approximately 650% since the last halving event in 2020.
Some speculate that if this trend continues, Bitcoin could potentially hit the $435,000 mark before the 2028 halving.
Bitcoin’s Potential Price Increase
Current trading data shows that Bitcoin’s price has risen around 658% since the last halving in 2020, with its current trading price hovering around the $66,000 mark.
The next Bitcoin halving is expected to happen in less than three weeks.
If the historical patterns repeat themselves, Bitcoin’s current price could soar to $434,280 per unit by the 2028 halving, assuming it performs similarly to the current cycle.
However, it’s important to note that Bitcoin’s post-halving rallies have seen diminishing returns over the years.
For instance, until the first halving in 2012, Bitcoin increased from having virtually no value to $12.5, an over 12,400% increase.
The price of Bitcoin then gained 5,200% to $650 by the 2016 halving and 1,200% to $8,500 by the 2020 halving.
Factors Influencing Bitcoin’s Price
Interestingly, Bitcoin’s recent price surge is not directly tied to the upcoming halving.
Instead, it’s mainly attributed to the inflows into spot Bitcoin exchange-traded funds (ETFs), as noted by Hao Yang, head of financial products at Bybit.
He stated that while history can be interpreted in many ways, there is no concrete evidence supporting a positive correlation between halving events and Bitcoin’s price.
A six-figure BTC price seems even more plausible if Bitcoin ETFs surpass gold ETFs, a scenario that could potentially occur in the next two years according to a research report from Bloomberg analyst Eric Balchunas.
Furthermore, Bitcoin ETFs are growing at a much faster rate than gold ETFs did when they first appeared in 2004.
Sam Wouters, the head of contact at River, noted that Bitcoin is essentially “speedrunning” gold’s price trajectory by fivefold.
