Could Bitcoin Really Soar 500% Before Its Next Halving?
Bitcoin (CRYPTO: BTC) is now less than one year away from a highly anticipated event known as halving, and crypto analysts are already starting to bump up their price targets. The latest model claims that Bitcoin will reach a price of $160,000 by April 2024. Based on today's price of $27,941, that would imply a rally of nearly 500%.
But not so fast. While past halvings have led to significant appreciation in the price of the crypto both before and after the event, there is less agreement on how long this rally might last, and even how significant it might be this time around. Let's take a closer look.
The halving is the reduction in the reward for mining a block on the Bitcoin blockchain by one-half. Currently, miners receive 6.25 bitcoins for every block they mine. Beginning in April 2024, they will receive 3.125 bitcoins. This halving event occurs every four years, and will continue to occur like clockwork until all the bitcoins that will ever exist have been mined by the year 2140.
Source Fool.com
