The Halving event, which happens every 4 years on the blockchain, marks the splitting of block rewards. This time around, the event is slated to happen in the second quarter of the year, tentatively around April 19, 2024. Historically, in the months following the Bitcoin Halving, the BTC Price tends to take a steady upward curve leading to the next all time high range. Read More to know What Is Bitcoin Halving?
The scenario repeated after the first halving date of November 28, 2012, second halving date of July 9, 2016 and third halving date of May 11, 2020. Around 18 months after the last Halving event, the BTC price peaked at an all time high of $69,000. At the current range of $44,000, the top cryptocurrency needs a jump by around 30% to reach a new all time high, which is speculated to be possible considering the prospects of a spot Bitcoin ETF approval.
Going by the price history patterns before and after the Halving, the current cycle for BTC price could likely take a bullish run sometime in 2025. Interestingly, this timeline also supports potential flow of significant institutional money through the Bitcoin ETF space, going into 2025. Hence, the $100K Bitcoin (BTC) price target prediction until end of 2024 by Standard Chartered seems not too far fetched.