Economy
Experts Foresee Bitcoin Reaching $115,733 in 2024, $250,000 in 2025
The recent uptick in the price of Bitcoin has continued to attract interest in the digital currency, with experts at CoinLedger projecting that it could sell for $115,000 this year.
Bitcoin mining is a crucial function in the production of new coins through the verification of payments. This system means that ‘miners’ are essentially getting paid for their work as auditors. They are verifying the legitimacy of Bitcoin transactions and being rewarded for it with Bitcoin.
However, every time 210,000 blocks are mined the block reward for mining is halved. The first halving event occurred in 2012 when the reward of 50 BTC was reduced to 25 BTC. This is a key mechanism to control the supply of new Bitcoin entering circulation https://eralmonumapp.app/.
In the past, this has also led to positive price action, as limiting the supply and controlling inflation can benefit the ecosystem.
A new study by crypto tax experts at CoinLedger has analysed the past three halvings to see what price Bitcoin would be if it followed the past patterns. For this research, CoinLedger has based figures on if Bitcoin is at its most recent high of $69,000 when it halves at some point in April.
The data took the average price increase from the 2016 and 2020 halvings to calculate the price of Bitcoin.
3 months post-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%.
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).
6 months post-halving
In 2016, six months after the halving the price rose further to $986, which is an increase of 51.57% from the post-halving price of $650.
In 2020, the price of Bitcoin increased to $15,702 after six months, which is a rise of 83.17%.
Based on the average figures from above this is equal to an average increase of 67.73% after six months. If a similar pattern were to follow, then Bitcoin could rise to a high of $115,733. Although this seems like a high estimation Bitcoin has shocked people before in past bull runs.
12 months post-halving
One year after the halving has seen eye-watering price action in the past. In 2012, after the first halving, the price rose from $12 to $1,003 over a year, an 8,000% increase. The research didn’t include 2012 in the averages, as at the current price and market cap it would be almost impossible to see increases of this nature.
In 2016, the price after a year was $2,502, an increase of 284%. In 2020, the price of a Bitcoin was $56,764, which was a 562% increase from the pre-halving price of $8,572.
This is an average of 423% a year after a halving event. This would give Bitcoin a price of $361,152. It is extremely unlikely that Bitcoin will reach this figure within 12 months, however, many analysts have figures of $150,000 to $250,000 in 2025.
A spokesperson from CoinLedger commented: “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, as history has proven that halving events can positively impact the price.
“Time will tell which Bitcoin price predictions for the 2024 halving come true, if any. As always, we recommend doing your own research, staying on top of the latest industry happenings, and never investing more money than you can afford to lose!”
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dropped for the third consecutive session on Wednesday, March 18, by 0.39 per cent due to continued sell-offs.
In what would be the final trading session of the week due to public holidays on Thursday and Friday for Eid-el-Fitr, the NASD Unlisted Security Index (NSI) further dipped by 16.14 points to 4,114.75 points from 4,130.89 points, and the market capitalisation lost N9.66 billion to close at N2.461 trillion versus the previous day’s N2.471 trillion.
FrieslandCampina Wamco Nigeria Plc depreciated by N10.32 to sell at N112.00 per share versus N122.32 per share, NASD Plc dropped N4.50 to finish at N41.50 per unit compared with the previous session’s N46.00 per unit, and Geo-Fluids decreased by 9 Kobo to N3.02 per share from N3.11 per share.
On the flip side, Air Liquide Plc improved by N2.23 to N24.57 per unit from N22.34 per unit, Central Securities Clearing System (CSCS) Plc advanced by 90 Kobo to N76.33 per share from N75.43 per share, Food Concepts Plc rose by 24 Kobo to N3.30 per unit from N3.06 per unit, UBN Property Plc surged by 20 Kobo to N2.18 per share from N1.98 per share, Impresit Bakalori Plc jumped 16 Kobo to N1.83 per unit from N1.67 per unit, and First Trust Mortgage Bank Plc added 14 Kobo to trade at N1.89 per share versus N1.75 per share.
During the trading day, the volume of securities went up by 43,404.4 per cent to 400.8 million units from 921,265 units, the value of securities grew by 2,108.7 per cent to N1.2 billion from N54.7 million, and the number of deals soared by 23.7 per cent to 47 deals from 38 deals.
CSCS Plc ended the day as the most traded stock by value (year-to-date) with 38.7 million units valued at N2.4 billion, followed by Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion, and Okitipupa Plc with 6.4 million units traded for N1.2 billion.
Resourcery Plc finished the session as the most traded stock by volume (year-to-date) with 1.1 billion units worth N415.7 million, trailed by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 131.1 million units valued at N505.6 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) experienced a pullback of 0.69 per cent as a result of profit-taking by investors, with shares in the banking and energy sectors mostly affected.
Data harvested by Business Post showed that the energy index was down by 4.58 per cent during the session, and the banking space lost 2.14 per cent.
They brought down the All-Share Index (ASI) by 1,402.56 points to 201,156.85 points from 202,559.41 points and shrank the market capitalisation by N900 billion to N129.126 trillion from N130.026 trillion.
Customs Street ended in red at midweek despite three of the five key sectors finishing in green. The consumer goods counter expanded by 1.19 per cent, the industrial goods index improved by 0.46 per cent, and the insurance sector grew by 0.43 per cent.
Red Star Express declined by 9.98 per cent to N25.70, Aradel Holdings went down by 9.68 per cent to N1,210.30, Presco lost 9.30 per cent to trade at N1,701.10, Living Trust Mortgage Bank crashed by 8.40 per cent to N4.80, and DAAR Communications dropped 7.50 per cent to end at N1.85.
On the flip side, Secure Electronic Technology gained 10.00 per cent to settle at N1.32, Guinness Nigeria rose by 9.92 per cent to N423.20, John Holt increased by 9.72 per cent to N11.85, Sovereign Trust Insurance surged by 9.57 per cent to N2.06, and Linkage Assurance chalked up 9.33 per cent to trade at N1.64.
Investor sentiment was weak yesterday after the bourse registered 33 price gainers and 38 price losers, indicating a negative market breadth index.
Market participants bought and sold 6.1 billion stocks valued at N130.1 billion in 58,562 deals compared with the 1.8 billion stocks worth N88.1 billion traded in 62,654 deals on Tuesday, representing a shortfall in the number of deals by 6.53 per cent, and a spike in the trading volume and value by 238.89 per cent and 47.67 per cent apiece.
The most active equity on Wednesday was eTranzact with 5.2 billion units sold for N24.3 billion, Wema Bank exchanged 111.4 million units worth N3.1 billion, Coronation Insurance transacted 96.4 million units valued at N303.9 million, Dangote Cement traded 75.2 million units for N56.5 billion, and Access Holdings exchanged 61.5 million units valued at N1.6 billion.
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