Binance’s CZ has hinted at possible new ATHs based on past halvings
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 the price of Bitcoin could see multiple all-time highs if the flagship cryptocurrency were to repeat previous price cycles.
New ATHs?
Drawing from his experience with the past three Bitcoin halvings, CZ lays out a likely sequence of events. First, the months leading up to the halving will see increasing chatter, news, anxiety, and expectations surrounding Bitcoin’s price.
Following the halving, prices won’t necessarily skyrocket overnight, possibly leading to questions from the community about why an immediate price surge didn’t occur.
However, in the year following the halving, Bitcoin could potentially hit multiple all-time highs.
Can halving come sooner?
But CZ is cautious, noting that while there seems to be a pattern, “history does NOT predict the future.” Moreover, he emphasizes that a direct causation between halving and price surges isn’t definitively proven.
Amid the buzz surrounding the halving, there’s also been speculation about whether the halving might come sooner than expected. This speculation has been fueled in part by Bitcoin’s increasing hashrate, or the computational effort used to secure the network.
Some in the community suggest that this could mean an accelerated halving schedule. However, the Bitcoin algorithm is designed to prevent significant shifts in the halving timeline by adjusting the mining difficulty based on various external factors, ensuring that blocks continue to be mined roughly every 10 minutes.
Credit: Source link
