It's fair to say that, until recently, the much-anticipated Bitcoin (CRYPTO: BTC) halving had largely been underwhelming. At the time of the halving on April 19 -- when Bitcoin mining rewards were cut in half -- Bitcoin was trading near $64,000. For much of the next month, Bitcoin traded down or sideways, even dipping below the $57,000 level.

But it's too early to give up on the halving's potential to juice Bitcoin's price. After all, most halving cycles last anywhere from 12 to 18 months, and there's still plenty of time for the halving effects to kick in. So, what can we expect from this halving in the months ahead, and just how much higher can Bitcoin go?

The biggest reason for optimism is Bitcoin's price performance after the previous halving events that took place in 2012, 2016, and 2020. In each case, Bitcoin skyrocketed to a much higher price, setting a new all-time high in the process. By the time the 2020 halving cycle was over, Bitcoin had soared to a then-all-time high of $69,000.

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Source Fool.com