Benzinga - Bitcoin (CRYPTO: BTC) is predicted to exceed $100,000 by 2025, following its next halving event in 2024, says a crypto executive, Business Insider reports.
Joe Kelly, CEO of Unchained, a cryptocurrency financial services firm, bases his prediction on Bitcoin’s previous three halving events. These events, which cut miners’ rewards in half, have historically led to significant price rallies.
“Taking a conservative view, if bitcoin stays around $30K until the halving, even a 12-month post-halving increase of 250% — which, again, is conservative relative to previous halvings — would price bitcoin at $105K,” Kelly wrote in a note Tuesday.
He added that the past halvings have resulted in price increases of 8,069%, 284%, and 559% within a year of the event.
Bitcoin has already surged 77% in 2023, rebounding from a 65% sell-off in the previous year. This surge coincides with historic interest rate hikes from the Federal Reserve and a series of bank failures.
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