Bitcoin Haling In 6 Months, Analysts Start Predicting BTC Prices

Bitcoin, the world's largest crypto asset by market cap. (Photo; Doc. Metroniews)

JAKARTA - The upcoming Bitcoin busking is increasingly eagerly awaited by the crypto community. The Haling BTC is scheduled to take place in more than six months, and now analysts are giving their predictions about the potential for the event.

For information, the Bitcoin halving event reduces mining rewards from 6.25 to 3.125 per block and occurs once every four years or every 210,000 blocks. Currently, more than 93% of the total Bitcoin supply probability has circulated, making every subsequent halving potentially to affect the market significantly.

According to Rekt Capital, it is currently only 189 days before Bitcoin undergoes halling. They refer to data before the second Bitcoin busking in July 2016. At that time, Bitcoin experienced a price drop of around 25% about 189 days before halving, followed by an accumulation phase for two months before the event. The price of Bitcoin, as seen during the 2015 accumulated phase, could fall below $22,000 (Rp346 million).

After the accumulated phase ended, Bitcoin began its pre-halving rally and reached a price of $776 (Rp12.2 million) in 2015. However, analysts noted that this pre-halving event included a drop of about 40%, which was followed by a post-halving accretion period that saw the Bitcoin price range from $566 - $776 (Rp8.9 million - 12 million). This re-akumulation phase lasted for 6 months until December 2016 when the parabolic upward trend began.

Chang Peng Zhao Comments On Bitcoin Halfing

Binance CEO Changpeng Zhao (CZ) also gave views on Bitcoin halling based on past observations. He warned that although there was a lot of news and euphoria ahead of halling, the Bitcoin price spike would not happen instantly afterward. According to CZ, history shows that significant increases in Bitcoin prices usually occur about a year after the halling event. He stressed that crypto markets tend to have short memories.

CZ emphasized that the causes and consequences in the crypto market are not always predictable, and history does not always reflect the future. Previous Halving has had a positive effect in the following months. Thus, the potential of the parabolic bull market may not materialize until 2025.

Meanwhile, another analyst known as Bluntz feels that the current Bitcoin cycle has reached its lowest point, but he has also not excluded the possibility of further price drops. He considers us to be in a cycle phase that could see the price of Bitcoin drop to the range of $19,000 - 220,000 (Rp 299 million 315 million) and then continue to rise until 2024.

There are also other bullish predictions, as proposed by three Pantera Capital executives. They estimate that Bitcoin will reach $35,000 (Rp551 million) before halving and then jump to $148,000 (Rp2.3 billion) afterwards.