Bitcoin and altcoins, which are negatively affected by the tension between Iran and Israel, exhibit sharp movements. At this point, BTC, which dropped below $ 60,000 during the night, recovered in the morning and rose above $ 65,000.
While investors focused on the Bitcoin Halving amid the volatile market, Broker Benchmark announced its expectations for the BTC price after the halving.
According to Coindesk, Benchmark said that if history repeats itself, Bitcoin will experience a strong rise after the halving.
Stating that miners will be most affected by the Bitcoin halving event, he stated that miners are in a better position in this halving due to Bitcoin's gains in the last six months.
In the report written by Benchmark General Manager and Senior Research Analyst Mark Palmer, he stated that they expect an increase in the BTC price after the halving and said:
“While there is very little time left for the halving, we think there will be a strong rise after the halving.
However, due to uncertainty surrounding the halving, nearly all listed miner stocks are down year-to-date, despite a 46% increase in Bitcoin in the same period.
“If history repeats itself and a strong rise in BTC price occurs in the months following the event, the impact of the halving on the economy of Bitcoin miners may be further offset over time.”
Lastly, Palmer pointed out that the impact of the halving on the BTC price may grow further with the demand shock of spot Bitcoin ETFs, and said, “We expect the flow to spot BTC ETFs to increase more strongly after institutions begin to seriously invest in Bitcoin.” said.
Bitcoin continues to trade at $64,593 at the time of writing.
*This is not investment advice.