The price of Bitcoin could see new all-time highs in the next two years, predicts Binance CEO Changpeng Zhao, citing past performance.
As Bitcoin’s fifth historical halving approaches, speculations have emerged on how the landmark event would impact the BTC price. Binance CEO Changpeng Zhao (popularly known as CZ) is the latest to share his opinion on the subject.
For starters, the Bitcoin halving is a pre-programmed event on the Bitcoin network where block rewards paid to miners are cut in half (halved). This economic design introduces scarcity to Bitcoin’s supply and has typically been a pre-indicator of the cryptocurrency hitting a new all-time high.
CZ took to Binance’s new content service, Binance Feed, to air his view on the upcoming, speculating, among other things, that the price of Bitcoin will hit multiple all-time highs after the forthcoming halving.
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The Binance CEO also sought to predict how market participants would react both in the buildup to the halving and in a post-halving environment.
CZ: Bitcoin’s Price Won’t Double Overnight After Halving
According to Binance’s CEO, the few months leading up to the halving will see a lot of chatter, fear, news, anxiety, hope, and hype around the event. However, such market sentiment does not always lead to an increase in Bitcoin’s price.
Instead, the Binance CEO leaned into his experience from the past three halvings (2012, 2016, and 2020) to predict that the price of Bitcoin wouldn’t double overnight after the halving. Interestingly, CZ had sold his apartment in Shanghai to buy BTC in 2015, before the second halving in Bitcoin’s history.
Similar to how Bitcoin saw a new high in 2016, CZ speculates that the “year after the halving, bitcoin price hits multiple ATH (all-time highs),” forcing people to ask why the price jump happened. However, such an uptrend is directly linked to the halving, although many investors “have short memories” and will fail to make the connection.
The Binance CEO concluded by using the famous remark that “history does not predict the future” as a disclaimer for his latest prediction. Meanwhile, Bitcoin’s halving is now less than 200 days away, with popular countdown clocks estimating an April 25, 2024 date.
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