The Bitcoin price could reach $360,000 a year after the 2024 halving, looking at an analysis of price movements following previous halving events.

The findings released by CoinLedger concentrated on the impact of halving events to predict the future price of the world’s largest cryptocurrency.

Going back and averaging the post-halving price hikes seen in 2012, 2016 and 2020, CoinLedger has reported its projection for Bitcoin’s potential valuation in the year after the upcoming 2024 halving.

“In 2016 the price on the halving day was $650; after three months, this increased to $722, a 10.99% increase. In 2020, the price rose from $8,572 to $11,393 within three months, an increase of 32.91%,” CoinLedger stated.

“The average increase across these two events is 21.95%, which would mean that in 2024, three months after Bitcoin halves, the price could rise to $84,145 if it were to follow historical patterns (based on a price of $69,000 at the time of halving),” the crypto tax service provider added.

Six months after the 2016 halving, the value of the number one crypto rose to $986, a 51.57% rise from the $650 value on halving day, Crypto News reports.

Then in 2020, the BTC price jumped to $15,702 six months after the halving, representing an 83.17% rise.

The stats show an average price hike of 67.73% six months following the last two halving events. As such, if Bitcoin follows this trend, the price could hit $115,733.

The impact of the halving event could stimulate a surge in prices within a year. For instance, in 2012, Bitcoin soared from $12 to $1,003, representing an astonishing 8,000% rise.

Then by 2016, the price hit $2,502 a year after the halving, a 284% rise, and in 2020 it rose further still to $56,764, a 562% increase from the pre-halving price.

Consequently, averaging these prices signals a possible 423% increase a year after the 2024 halving, driving the BTC price to $361,152.

“Bitcoin has performed well recently very early on into this cycle. This has got many people excited about how high Bitcoin could rise in the coming year and the halving only adds to this,” stated a CoinLedger spokesperson.