The halving mechanism of Bitcoin is an important component of its economic model, and each halving has had a significant impact on the market. Let's review past halving events and look forward to future possibilities.

After the first halving in 2012, the price of Bitcoin soared from 11 dollars to 260 dollars, an increase of about 23 times. The second halving in 2016 was even more astonishing, with the price climbing from 430 dollars to 20,000 dollars, an increase of about 46 times. In the third halving in 2020, Bitcoin rose from 3,150 dollars to 68,790 dollars, an increase of about 21 times.

By observing these data, we can find some interesting patterns. Typically, within 12 to 18 months after the halving, the Bitcoin market reaches a bull market peak. Although each round of increase shows a decreasing trend, the total market value of Bitcoin continues to rise, attracting more attention from institutional investors.

Currently, the fourth halving of Bitcoin is expected to occur in 2024. Based on the current price of approximately $64,994, many analysts are speculating where the next cycle's peak will be.

If the historical trend of growth contraction continues, the price of Bitcoin may reach a range of 150,000 to 180,000 USD in the 2024-2026 cycle. Some extremely optimistic predictions suggest that if Bitcoin truly begins to partially replace the function of gold, the price could even break through 250,000 USD.

In the long run, if Bitcoin truly achieves the status of 'digital gold', reaching a price of a million dollars within the next decade is not entirely impossible. However, we must also recognize that the market is full of uncertainties, and investors should act with caution and manage risks appropriately.

Regardless, each Bitcoin halving is an important milestone event that deserves our continued attention to its impact on the market.