Changpeng ‘CZ’ Zhao, Binance CEO has made an open prediction about the price of Bitcoin reaching a new all-time high in 2025. The crypto giant made this statement in a recent post on his new Binance feed account.
Binance, the world’s largest cryptocurrency exchange by trade volume has added a countdown to the next Bitcoin halving to its website homepage. The next Bitcoin halving event which is expected to happen in April or May 2024 has drawn wide speculations about its potential impact on the price of BTC.
With respect to this, CZ made a post on his Binance feed account predicting that the new Bitcoin all-time high will happen in 2025, a year after the coming halving event.
And here are my thoughts around the Bitcoin Halvings…https://t.co/1bmuizoeZG
— CZ 🔶 Binance (@cz_binance) October 8, 2023
What happens around Bitcoin Halvings?
In his post, CZ highlighted a few things that will happen before and after the halving. According to him, the few months leading to the Bitcoin halving will be filled with anxiety, expectations, hype, hope, and more. He added that Bitcoin price won’t double the day after the halving and it will leave people with lots of questions.
Furthermore, he stated that the price of the coin would only reach an all-time high in 2025, a year after the halving event.
“The year after the halving, bitcoin price hits multiple ATH (all-time highs). And people ask why. People have short memories,” he stated.
However, CZ admitted that there is no proven reason for this happening, as he was only speaking based on past experience, stressing that “history does NOT predict the future.”
Bitcoin halving is an event that takes place every four years. In this period, the reward for Bitcoin mining is cut in half. The halving policy which is embedded in the cryptocurrency’s code plays an important role in maintaining the scarcity of the token and reducing inflation.
The next halving which is scheduled to take place in 2024 will be the fourth Bitcoin halving event since the inception of the leading cryptocurrency. In May 2020, the last Bitcoin halving happened. The following year, Bitcoin’s price experienced an exponential surge reaching its new all-time high of $69,000 in November 2021.