CoinLedger predicts Bitcoin price could reach $360,000 one year after its 2024 halving, based on an analysis of price movements following previous halving events.
According to the findings shared by the crypto tax service provider CoinLedger, the study focused on the outcomes of past halving events to estimate Bitcoin’s future price.
By averaging the post-halving price increases observed in 2012, 2016 and 2020, CoinLedger provided a forecast for Bitcoin’s potential valuation in the year following the scheduled 2024 halving event.
Price Prediction 3 and 6 Months Post Halving
“In 2016 the price on the halving day was $650; after three months, this increased to $722, a 10.99% increase,” said CoinLedger. “In 2020, the price rose from $8,572 to $11,393 within three months, an increase of 32.91%.”
“The average increase across these two events is 21.95%, which would mean that in 2024, three months after Bitcoin halves, the price could rise to $84,145 if it were to follow historical patterns (based on a price of $69,000 at the time of halving),” said CoinLedger.
Six months following the 2016 halving, Bitcoin’s value climbed to $986, marking a 51.57% increase from the halving day price of $650. Similarly, in 2020, the cryptocurrency saw its price jump to $15,702 six months post-halving, reflecting an 83.17% surge.
The historical data reveals an average price increase of 67.73% six months after the last two halvings. Should Bitcoin follow this trend in the future, its price could potentially escalate to $115,733.
Bitcoin to Reach $360,000 in 2025
Halving’s impact would significantly prompt the price surge after 12 months. In 2012, Bitcoin skyrocketed from $12 to $1,003, marking an astounding 8,000% increase. Although such dramatic growth rates were not factored into calculations for future projections due to the vastly different market conditions.
By 2016, Bitcoin’s price reached $2,502 a year post-halving, a 284% increase. In 2020, it climbed further to $56,764, showing a 562% jump from its pre-halving price.
Averaging these increases suggests a potential 423% rise a year after a halving, theoretically pushing Bitcoin’s price to $361,152.
“Bitcoin has performed well recently very early on into this cycle. This has got many people excited about how high Bitcoin could rise in the coming year and the halving only adds to this,” said a CoinLedger spokesperson.
According to CoinMarketCap, Bitcoin is trading at $73,275 at the time of writing, exceeding the $69,000 benchmark set by the study.