Still 193 days and a few hours for the next bitcoin halving to occur. The crypto exchange Binance has just added a countdown to its home page which indicates the precise date on which the event will take place. On the issue, CZ makes an announcement to investors.
BTC is preparing an ATH, but not in conjunction with halving?
Every four years, or every 210,000 blocks, bitcoin undergoes a halving which profoundly affects the crypto market. At the next halving, the mining reward will increase from 6.25 BTC to 3.125 BTC. For its part, Binance has already anticipated the event.
On its home page, a dial now displays the number of days, hours, minutes and seconds remaining with the halving. If people are already agitated, Changpeng Zhao (CZ), Binance CEO makes some important announcements on the company website.
According to CZ, the months leading up to the halving will be marked by “hype, anxiety, expectations, etc. “. He believes that “the price of bitcoin generally reaches an all-time high (ATH)” after the year following the halving. Some are even talking about BTC at $148,000.
However, CZ urges users to keep a cool head. According to him, we should not establish a systematic cause and effect relationship between the ATH and the bitcoin halving based exclusively on the past.
“The price of bitcoin will not double the day after the halving” says CZ
It is important to remember that the first bitcoin halving took place on November 28, 2012. At that time, the price of bitcoin was $12.31. The second halving took place on July 9, 2016. The price of bitcoin was then $650.63. The third took place on May 11, 2020 when bitcoin was trading around $10,000.
Currently the price of bitcoin is around $27,700. It is normal to believe that the price of cryptocurrency will reach a record high after the halving of 2024. Why is CZ urging everyone to exercise restraint if the statistics are so convincing?
CZ affirms, “having experienced the past three halvings”, that “the price of bitcoin will not double the day after the halving”. In other words, you should not expect to see the BTC price curve experience absolute growth after the halving. The crypto could even experience a significant drop before heading towards its ATH which will certainly come. Investors will therefore have to stay awake.
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