Changpeng Zhao rules out an explosive Bitcoin rally immediately after the halving

The price of Bitcoin will not double the day after the halving, but will begin to hit new ATH (all-time highs) within a year. This was stated by Binance CEO Changpeng Zhao, citing his experience.

CZ: The day after the halving, the bitcoin price won’t double overnight. But The year after the halving, bitcoin price hits multiple ATH (all time highs). This is my experience based on the past 3 halvings. Read more https://t.co/2iOlogWEfk

— Wu Blockchain (@WuBlockchain) October 9, 2023

The Zhao-led platform added a countdown tracker on its homepage for the halving.

The Binance CEO outlined a rough scenario for how events might unfold:

1. In the months leading up to the halving there will be increasing chatter, news, concerns, expectations, hype, and hope.
2. The day after the event, the price will not react with a doubling. Users will wonder why it did not happen.
3. About a year after the halving, Bitcoin’s price will have repeatedly set new ATHs. People will seek an explanation. People have short memories.

«I’m not saying there is a proven causal link. History does not predict the future», — explained Zhao.

According to the tracker, as of writing there are roughly 192 days and 12 hours remaining until the halving.

The halving of miner rewards to 3.125 BTC is expected in April 2024, when the block height will reach 840,000.

Earlier, Rick Edelman, founder of Edelman Financial Engines, in his forecast for Bitcoin’s growth to $150 000 by summer 2025, cited the upcoming halving as one of the factors.

In August, trader and analyst Michaël van de Poppe forecast Bitcoin’s price to rise to $50,000 in the run-up to the halving.