“The price of Bitcoin will not double after the halving,” says Binance’s CEO

“Changpeng “CZ” Zhao, CEO of Binance, recently shared his views on the price of bitcoin after the halving scheduled for 2024. Contrary to some expectations, he believes the value will not double immediately after the event.

The speech took place after the broker launched the countdown to the halving on its homepage. This way, all investors who access the site can see how many days are left until the event that will take place in April 2024.

Halving is a mechanism implemented by Satoshi Nakamoto, the creator of Bitcoin, to reduce the mining reward of the digital currency.

What does Binance’s CEO think about the price of bitcoin after the halving?

Announcing his new tool so the community can track the next halving, CZ, as he is known by the community, started the analysis by stating that he cannot predict the future. Yet he has experience with three halvings in the past.

“What Happens Around Bitcoin’s Halving? I cannot predict the future. This is my experience based on the last three halvings.”

According to the apparent expert on halvings, the coming months should be exciting for the bitcoin community, which will be going through a phase of expectations and fear. Moreover, many exaggerate their analyzes and hope for the mechanism as a positive solution.

“1. In the few months leading up to the Bitcoin halving (from now on) there will be more and more talk, news, fear, expectations, exaggerations, hopes, etc.”

But Binance’s CEO stated that the price of bitcoin is unlikely to double the next day after the halving, as many expect.

“two. The day after the halving, the price of bitcoin won’t double overnight. And people will wonder why it didn’t happen.”

But in the year following the halving, Bitcoin’s price is expected to reach several all-time highs. CZ believes the $69,000 mark will typically be breached by mid-2025.

“3. In the year following the halving, Bitcoin’s price reaches several ATHs (historical highs). And people ask why. People have short memories.”

“History may not repeat itself,” the director warns

Despite optimism about the year 2025, a period after the halving, CZ acknowledges that the price of bitcoin may not surpass its current historical high.

According to him, “I’m not saying there is proven causality. And history does NOT predict the future.

Ultimately, he believes that many who observe previous halvings can understand what happened in the market. If the movement is repeated, everything indicates that the rise of the market, despite the reservations, will not be far away.

Source: Live Coins

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