After Bitcoin's recent halving event, which reduced the reward paid to miners from 6.25 Bitcoin to 3.125 Bitcoin per block, attention is turning towards the potential outcomes of the next halving in 2028. Analysts widely anticipate a significant increase in Bitcoin prices following halving events, as the reduced supply of newly minted Bitcoin enters the market, creating supply shocks.
Pav Hundal, chief analyst at Swyftx, foresees a doubling of Bitcoin's price by the 2028 halving, estimating it could reach around $120,000 based on historical price movements post-halving. Hundal highlights previous instances where Bitcoin prices surged by thousands of percentage points in the wake of halving events, suggesting a continuation of this trend.
Henrik Andersson, chief investment officer at Apollo Crypto, offers a slightly more optimistic projection, anticipating a peak Bitcoin price of approximately $200,000 by 2028. He attributes this bullish outlook to increased institutional acceptance, as evidenced by the recent approval of 11 spot Bitcoin exchange-traded funds (ETFs) in the United States.
Caroline Bowler, CEO of BTC Markets, cites forecasts from investment banking firms like Standard Chartered, which suggest Bitcoin could reach as high as $200,000 by the end of 2025. She points to continued support for this projection, particularly with the growing participation in ETFs since their introduction.
Jonathon Miller, managing director of Kraken Australia, views the halving event as a sign of progress in global adoption rather than solely a price catalyst. He hopes that increased awareness and adoption of cryptocurrency will accelerate by the time of the next halving, contributing to its positive impact on Bitcoin's price.
However, concerns persist regarding the sustainability of Bitcoin mining operations, particularly if miner rewards decline to levels that render mining unprofitable in the long term. Cantor Fitzgerald's report suggests that Bitcoin prices need to stabilize above $40,000 to support publicly traded mining companies. Despite these concerns, initiatives such as fee-based applications and layer 2 networks offer additional revenue streams for miners, mitigating some of the worries surrounding mining profitability.
