Bitcoin halving D-2, rally or correction?
With two days to go before Bitcoin's (BTC) halving, Joel Kruger, an analyst at fintech firm LMAX Group, told cryptocurrency media outlet Coindesk that he doesn't expect much upside momentum from the halving. "However, I do think there is room for a rally, as this is the first halving since the launch of the Bitcoin spot exchange-traded fund (ETF) and it's a highly watched event," he said. "Halving events can increase investor interest in Bitcoin. This will lead to a desire for more exposure," he added.
Noelle Acheson, a cryptocurrency analyst, said: "Cryptocurrencies are now in a position where they are important enough to be categorized as a major asset class. In the year since the 2021 halving, Bitcoin has surged 8,691%, and since the 2016 halving, it's up 295%. If this pattern is repeated in the upcoming halving, Bitcoin could reach $450,000 within a year," he said in a bullish note.
On the other hand, Kavita Gupta, founder of Delta Blockchain Fund, recently appeared on CNBC's Squawkbox and said of this week's halving, "The halving material may already be priced into the market. We could see another 15-25% correction," he warned.
According to cryptocurrency mining platform NiceHash, BTC's halving is expected on April 19 (local time). On April 16, the price of Bitcoin hit $63,730, according to global cryptocurrency price aggregator CoinMarketCap. This is down 13.65% from its all-time high of $73,550 on March 14th.
