In the eagerly anticipated 2024 Bitcoin Some experts believe that as the 2028 half-division approaches, there could be a surge in coin prices to up to $435,000 by then. The last halving was in 2028. Bitcoin halving The pioneering cryptocurrency is up 658% in 2020 and currently trades around $66,000.
The $66,000 level could reach a whopping $434,280 at the 2028 half-off if historical charts patterns repeat and Bitcoin price performs similarly. It is important to remember that Bitcoin has seen a diminishing return on its post-halving rally over time.
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Bitcoin Post-Halving rallies: The trend of diminishing returns
Bitcoin’s value increased by 12,400% before the first halves in 2012. In 2016, the price of bitcoin jumped from $650 to $5200, while in 2020, the price rose by 1,200%, to $8500.
The trend of decreasing returns saw BTC’s average price rally fall by 45% every cycle. This led to the current 658% rise. The current 658% increase is a result of this trend. next Cycle could lead to a 360% increase, which would result in Bitcoin reaching a price of $303,600 by the time 2028 is halved.
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Hao Yao, the director of financial Bybit products, according to Cointelegraph “Considering [the] halving and price trends from a very rigorous quantitative point of view, there is no evidence supporting a positive correlation between the halving event and BTC price. But history can be interpreted in many different ways. I certainly hope for $435,000 by 2028 but won’t put too much into it.”
The path towards a $435,000 Bitcoin by 2028, if the BTC is halved in half again, remains unclear.
The historical pattern and trend of decreasing returns would suggest that a target price of $303,600 is a reasonable one. However, with the increasing influence of Bitcoin ETFs as well as the cryptocurrency’s acceleration compared to the gold market there are hopes for greater gains.
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Source: watcher.guru
