The Binance exchange has placed a countdown timer on its platform for the upcoming halving of Bitcoin. CEO Changpeng Zhao, who broke the news on “Binance Feed”, also shared his price expectations on halving.
“The bitcoin price won’t double overnight”
Stating that many people expect a price increase regarding Halving, CZ stated that he thinks this will happen in the long term and that it has actually always been like this in the past:
“I can’t predict the future. This is my experience based on the past 3 halvings.
- The few months leading up to the bitcoin halving (from now), there will be more and more chatter, news, anxiety, expectations, hype, hope, etc.
- The day after the halving, the bitcoin price won’t double overnight. And people will be asking why it didn’t.
- The year after the halving, bitcoin price hits multiple ATH (all time highs). And people ask why. People have short memories.”
Not saying there is proven causation. And history does NOT predict the future.”
ATH after 11 months
The last halving happened in May 2020, and Bitcoin did not show a significant increase in the reward halving there either. However, PayPal’s crypto step in October and subsequent price rises in December allowed the largest cryptocurrency to reach $64,000 11 months after the halving. Bitcoin reached its historical peak of $69,000 in November 2021.
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