This scarcity is one of the key factors driving the value of Bitcoin. As the supply becomes more limited, the demand for Bitcoin increases, leading to price appreciation. The previous two halving events, which occurred in 2012 and 2016, were followed by significant price rallies. In 2012, the price of Bitcoin increased from around $12 to over $650 within a year. Similarly, in 2016, the price surged from around $650 to nearly $20,000 in less than two years.
Long-established Chartered’s forecast of $100,000 by the end of 2024 is based on the assumption that history will repeat itself and that the next halving event will trigger another bull run. However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. While Long-established Chartered’s prediction is based on careful analysis and market trends, there are no guarantees in the world of cryptocurrencies.