Morgan Stanley, an American multinational investment bank and financial services company based in New York, has stated that the Bitcoin bull run will follow the upcoming halving of the digital asset. As per the company, next Bitcoin halving is expected to increase the asset’s price past its previous all-time high and cause it to soar through the skies after April 2024.
As per data from the official website of Binance, the world’s largest digital asset trading platform by market volume, Bitcoin halving is approaching in 146 days. Keeping this data in mind, Morgan Stanley said that the price of Bitcoin is expected to rally sometime around April 2024 after the halving is officially completed.
Next Bitcoin Halving to Trigger a Bull Market
Morgan Stanley noted that the winter is now over in the digital asset space and spring has taken over. The financial institution believes that since this is only the third spring in the industry since its inception, there is a lot to learn. However, the company stated that the upcoming halving will operate similarly to others, i.e., a price increase will follow.
Halving events are key milestones for Bitcoin because they directly impact the rate at which new bitcoin is created, reducing it by half approximately every four years. This supply-control mechanism could be programmed into the network to mirror the scarcity dynamics of precious metals.
Related reading: Bitcoin Is Digital Scarcity
While the issuance slows, Bitcoin becomes increasingly scarce. With a potential uptick in demand, its value could soar. As a result, Morgan Stanley believes that the upcoming halving in April will have increasingly positive consequences for BTC.
The institute added:
“While no one can tell you if now is the right time to buy or sell cryptocurrency, today is the right time to learn more about the crypto market’s cyclical tendencies so that you can ask questions, monitor trends, and determine for yourself if the cycle will repeat a fourth time and whether to invest.”
More importantly, the price of Bitcoin surged significantly during past halving events. Back in 2012, BTC rose 10,000% after halving, while in 2016, it rose 3,000%. After the 2020 halving, BTC skyrocketed 630% to its all-time high of $69,000 in November 2021.
Notably, Cathie Wood, the founder of ARK Invest, an asset management firm, recently shared her bullish views on Bitcoin after the 2024 halving event.
The ARK executive believes that BTC will reach $650,000 by 2025, while adding that it could be worth $1.48 million by 2030 in the bull case or $682,800 in the base case. Wood is extremely bullish on Bitcoin, artificial intelligence (AI), and the convergence of the two industries.