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Analysts are expecting a fall rather than a rise as Bitcoin ‘s Halving approaches. Bitcoin falling under 62,000 dollars supports this case.
You might be interested in: Analysts Expect Correction in Bitcoin Prior to Halving!
Charles Edwards, the founder of Capriole Fund, believes that such price movements are quite normal in the current period, also stating that the best profit period for investors is the year following the Halving.
It’s normal for volatility in the 1 month either side of the Bitcoin Halving. At this point, everyone who wanted to buy into the Halving mostly has. Following the Halving we have inefficient miner shutdown and other transitory effects. Somewhat like the 1 month post ETF launch…
— Charles Edwards (@caprioleio) March 20, 2024
Later, there was another statement from a prominent analyst. CryptoQuant CEO Ki Young Ju predicts that Spot Bitcoin ETFs are more prominent in the market than Halving. According to the CEO, the market is more positively affected by ETF news.
#Bitcoin market is fueled by spot ETFs, not by the halving event.
After the halving, mining expenses will double, pushing miners to keep certain prices for mining profitability.
Direct cost per coin will rise to approx $37K, but at $63K, it’s no longer a problem for them.
— Ki Young Ju (@ki_young_ju) March 19, 2024
Analyst Rekt Capital, who expects a decline, says that Bitcoin’s price will fall even further, and investors will think that the Bull rally is over. However, he also says that such corrections are normal in historical Halving cycles.
In fact, the BTC price had experienced a drop of about 50% due to the COVID-19 pandemic before the Halving in 2020, causing the market to be heavily affected. Similarly, there was a similar situation in 2016. Before the 2017 Bitcoin Halving, BTC again had a correction, showing a drop of 33%.
So even if the current situation resembles the past, considering the ETFs and BTC’s current price, we might see different scenarios from past Bitcoin Halvings.
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