The Chief Executive Officer of a cryptocurrency financial services titan managing over $2 billion in assets has recently suggested that the price of Bitcoin could, according to historical precedents, break the $100,000 mark by 2025 after the halving.
Joe Kelly, CEO of Unchained, has recently predicted that the halving, an event that will cut the coinbase reward in each mined Bitcoin block by 50% from 6.25 BTC per block to 3.125 BTC, could see Bitcoin’s price rise by 250% from its current level near $30,000 to touch the $105,000 mark.
Previous Bitcoin halving events have notably been bullish for the flagship cryptocurrency, with the price of Bitcoin seeing astronomical surges of 8,069%, 284%, and 559% one year post the halving events of 2012, 2016, and 2020, respectively. Halving events occur every 210,000 blocks – which are mined roughly every four years – and are seen as a supply shock on the market.
Bitcoin has also witnessed sharp rallies in the lead-up to these halving events, with the 12 months prior to each of the last three halving events recording increases of 385%, 142%, and 17%, respectively.
Kelly wrote in a note:
“Taking a conservative view, if bitcoin stays around $30K until the halving, even a 12-month post-halving increase of 250% — which, again, is conservative relative to previous halvings — would price bitcoin at $105K.”
Notably, as CryptoGlobe reported, investment research firm Fundstrat has recently made a staggering BTC price prediction, suggesting the cryptocurrency could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving in April 2024.
Fundstrat indicated that while daily demand for the flagship cryptocurrency is currently at approximately $25 million, equaling the current daily rewards from mining, this equation might experience a major shakeup with the potential launch of a spot Bitcoin Exchange-Traded Fund (ETF) and the halving of these mining rewards.
As CryptoGlobe reported, earlier London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.
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