While Bitcoin, the leading cryptocurrency, was preparing for the halving event that will take place hours later, there were sharp declines last week.
While these sharp declines and outflows in ETFs have partially overshadowed the sentiment towards the halving, the bullish expectation for the post-halving is that Bitcoin will exceed the highest level of the 2021 cycle even before the halving, reaching its all-time high above $ 73,000 in mid-March and attracting both institutional and institutional investors. It continues to be fueled by the increasing interest of individual investors.
Speaking to The Block, Coincover Strategy Head Duncan Ash stated that he expects the BTC price to increase in the short term after the halving.
“After the halving, the Bitcoin price will rise until it convinces new investors to enter the market.
This will restore a closer balance between the number of buyers and sellers and bring order to the market. Additionally, the industry will emerge with more users, higher market capitalization and greater liquidity.”
According to Bitfinex Derivatives President Jag Kooner, he said that the correction after the tension between Iran and Israel last weekend overshadowed the enthusiasm and expectation of the halving.
“It remains to be seen whether macro conditions will impact fundamental data, but investors are certainly more cautious about Bitcoin and the crypto market now than they were a week ago,” Kooner said in a note to The Block. said.
*This is not investment advice.