• The upcoming Bitcoin halving event in April 2024 is expected to result in a significant increase in the price of Bitcoin.
• Matrixport and Standard Chartered recently forecasted that Bitcoin could exceed $100,000 next year after the halving.
• ChatGPT suggests the Bitcoin price could rise to between $60,000 and $90,000 after the halving.
What is a Bitcoin Halving?
The bitcoin blockchain adds its 840,000th block roughly every four years. This event is known as a ‘halving’ which results in the reward rate for miners being cut from 6.25 BTC to 3.125 BTC, resulting in a halving of the inflation rate of the bitcoin supply. This process helps keep the bitcoin supply from exceeding its limit of 21 million tokens.
History of Bitcoin Halvings
Previous halving events such as those in 2016 and 2020 have resulted in an impressive run up in the price of bitcoin leading to excitement about what might happen with this upcoming halving event. Major financial institutions like Matrixport and Standard Chartered are already predicting that cryptocurrency will exceed $100,000 after this happening while Morgan Creek Capital predicts it may go even higher than that ($300k) by 2028’s halving event.
ChatGPT’s Bitcoin Price Prediction After 2024 Halving
ChatGPT has made its own prediction for what may come after this 2024 halvening suggesting that if previous patterns hold true then we can expect a significant increase placing Bitcoin somewhere between $60k-$90k depending on other factors such as economic trends or regulatory changes that may affect how well cryptocurrencies do post-halvening.
Impressively High Returns Predicted
These predictions point towards incredibly high returns should they prove true with some estimates being up to 3x higher than current prices just within a few years’ time! Very few traditional assets would be able to match these potential returns making it an attractive option for investors looking for big gains over short periods of time .
Overall, while there are many unknowns when dealing with cryptocurrency investing and forecasting future prices there is no doubt that excitement around this upcoming crypto-halvening is building with major financial institutions issuing their own predictions for how much value bitcoin will gain once it happens .