Binance CEO, Changpeng Zhao ‘CZ’, recently shared his insights about the upcoming Bitcoin halving, stating that the price of the digital asset will not increase overnight after the event. He also further explained his views based on experiences from the past three bull runs after Bitcoin halvings.
The next Bitcoin halving is expected to take place in April 2024.
Bitcoin halving is an extremely anticipated event, Zhao noted, while adding that the few months leading to the event are usually filled with “chatter, news, anxiety, expectations, hype, hope,” and more.
The executive also confirmed that a Bitcoin halving countdown has been added to the homepage of the exchange’s official website.
Bitcoin’s History Does Not Predict the Future, CZ Says
Mostly, the halving of Bitcoin is considered a bullish event for the asset, but CZ pointed out that the price increase does not happen overnight. However, a year after halving takes place, the price of bitcoin hits multiple all-time highs (ATH), leaving investors confused. Zhao noted that Bitcoin is a volatile asset, and therefore, its price action remains uncertain.
He added:
“Not saying there is proven causation. And history does NOT predict the future.”
Zhao implied that investors need to study the previous scenarios that led to an increase in the price of Bitcoin and not anticipate high gains immediately after the halving is complete. He also added that past performance does not guarantee future results, and there is no need to be overly anxious about the event.
Bitcoin halving is an event where the block reward for mining is cut down to half, reducing the rate at which new coins are created. This leads to a significant decrease in the rate at which the total supply of Bitcoin increases. Each halving occurs approximately every four years, and all of them have been followed by a price increase.
Additionally, CZ warned people in a post on X, to beware of scammers.
Bitcoin Price Predictions Indicate a Bullish Sentiment
Bitcoin halving is less than 200 days away, but supporters have already come up with bullish predictions for BTC. As per an earlier report from BitcoinNews, El Salvador President Nayib Bukele’s digital assets advisor, Max Keiser, predicted that Bitcoin will reach $220,000 in the short term.
On the other hand, former BitMex CEO Arthur Hayes predicted BTC’s price would range from $750,000 to $1 million by 2026. For the short term, Hayes expects bitcoin to land at the $70,000 price level by 2024 after spending most of 2023 under $30,000.
