The next halving is expected to happen in April 2024, where the reward paid out to miners for mining a new block will be cut in half from 6.25 BTC to 3.125 BTC.
Bloomberg Intelligence analyst Jamie Douglas Coutts believes that the upcoming halving is only about 50% priced in by the market. Coutts predicts a price of $50,000 by the time of the halving, and judging from the findings of the report, the rally seen in the Bitcoin market since the beginning of the year could be just the start of a larger bull market for the cryptocurrency.
Jacob Joseph, an analyst at crypto data provider CCData, offered a more cautious perspective, saying investors should expect to spend about a year in an “accumulation” phase before the price breaks out to the upside. He added that Bitcoin’s performance during past cycles should not be used as a guide for future performance, given that many things have changed in the crypto market.
Will Bitcoin reach new all-time highs in the future? Only time will tell. One thing is certain, the crypto market is constantly evolving, and the performance of digital assets is subject to a wide range of factors.