Binance, one of the world’s largest cryptocurrency exchanges, has added a bitcoin halving countdown to its homepage. In his post, CEO Changpeng Zhao has hinted that Bitcoin price could hit multiple all-time highs if the flagship cryptocurrency were to repeat previous price cycles.
New ATHs?
From his experience with the last three Bitcoin halvings, CZ lays out a likely sequence of events. Firstly, in the months leading up to the halving we will see more and more talk, news, anxiety and expectations surrounding the price of Bitcoin.
After the halving, prices will not necessarily skyrocket overnight, possibly raising questions from the community as to why an immediate price increase did not occur.
However, in the year following the halving, Bitcoin could hit multiple all-time highs.
Can the halving come sooner?
But CZ is cautious, noting that while there appears to be a pattern, “history does NOT predict the future.” Furthermore, he emphasizes that a direct relationship between the halving and price increases has not been definitively proven.
Amid the rumors surrounding the halving, there has also been speculation about whether the halving could happen sooner than expected. This speculation has been fueled in part by Bitcoin’s rising hashrate, or the computational effort used to secure the network.
Some in the community suggest this could mean an accelerated halving schedule. However, Bitcoin’s algorithm is designed to prevent significant changes to the halving schedule by adjusting the mining difficulty based on various external factors, ensuring that blocks continue to be mined approximately every 10 minutes.
