Bitcoin could exceed $ 500,000 through halving

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Less than a day for the third halving of the Bitcoin blockchain. And traders, analysts, crypto influencers and crypto enthusiasts are already preparing for this event. An essential part of this preparation is listening to the experts’ opinions on the future of the Bitcoin price after halving. Including analysis by Dan Morehead, CEO of Pantera Capital, who believes that BTC could exceed $ 500,000 by August.

Halve precedents

Bitcoin halving is one of the most anticipated events in the entire crypto community, and this is no accident. Well, this wouldn’t be the first cut in half that the BTC blockchain goes through. On the contrary, it would be the third after 2012 and 2016 to serve as a direct precedent for what might happen after tomorrow.

So if both halving share a common trait, they are part of a bullish rally that has driven Bitcoin’s price up on both occasions. The first of these took place on November 28, 2012 and caused the Bitcoin price to rise by 50.162% until it peaked in December 2013.

The second halving of Bitcoin, which the crypto community remembers most, took place on July 9, 2016. As part of the bullish rally it created, Bitcoin reached its highest price to date: USD 19,499 in December 2017. A cumulative increase of 9,054%.

If history repeats itself, Bitcoin could exceed $ 500,000. Source: Kraken Intelligence
If history repeats itself, Bitcoin could exceed $ 500,000. Source: Kraken Intelligence

Morehead’s prediction for halving Bitcoin

As a result, the forecast by Dan Morehead, CEO of Pantera Capital, would not go up in the air. This would try to predict what will happen to the price of BTC if the trend seen during the last bitcoin halving repeats is repeated. A more than likely scenario, according to several analysts from the crypto market.

That way, Bitcoin for Morehead could exceed $ 500,000 per BTC by August of this year. A number that would leave even the most optimistic predictions about the future of the cryptocurrency behind. And he would have communicated this in a letter to his investors at the end of April:

“”This halving will result in a planned decrease in the daily incoming Bitcoin supply from 1,800 per day to just 900 Bitcoin per day. This supply shock has led to a price increase in the past 18 to 24 months (…). If history repeats itself, Bitcoin would peak at $ 533,431 in August 2021“”

When Dan Morehead’s forecast is met and Bitcoin reaches over $ 500,000 in August. Or even if it only reached $ 100,000, a fraction of the price Morehead expected, it would mean a profit of several million dollars for many Bitcoin Hodler and would spur the development of the cryptocurrency. What makes this our data today at CryptoTrend?

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