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Analyst Declares Bull Market Post-Halving, Signals Growth Ahead
- Bitcoin’s halving event occurred with stable prices despite a surge in network fees, seen as positive by analysts.
- Van de Poppe anticipates a shift towards altcoins as the next major market movement, suggesting they might offer significant investment opportunities post-halving.
- JPMorgan and AsiaNext CEO maintain a cautious stance, believing the halving effects were already priced in.
- Yet, sustained institutional interest could still influence the market toward higher highs.
The Bitcoin halving occurred as expected over the weekend – and despite network fees surging on the back of the Runes hype – the price of BTC remained relatively flat.
Related: Tim Draper Says Bitcoin To Hit $10 Million As It Becomes An ‘Indispensable Financial Asset’
Michaël van de Poppe said that the recent price action is boring and that’s actually a good thing:
The most boring price action on a Bitcoin halving I’ve ever seen. Good, that means that from here on we’re in a bull cycle and everything is all right. Altcoins are the next step forward.
Michaël van de Poppe The trader indicated that with the absence of dramatic price movements, the market environment is stable, and this stability might lead to sustained growth moving forward.
He further hinted that attention might shift towards altcoins, suggesting that they could be the next sector within the crypto market to watch for significant movements or developments, positioning them as potentially lucrative opportunities following the uneventful halving outcome for Bitcoin.
And RektCapital reminds investors that the recent dip, where Bitcoin went down some 10%, is actually a minor blip in the grand scheme of things.
JPMorgan Continues Negative Stance
But not everyone is so optimistic, with JPMorgan suggesting the halving won’t have any effect on the price:
We do not expect bitcoin price increases post halving as it has been already priced in.
JPMorgan
Kok Kee Chong, CEO of AsiaNext, a Singaporean digital-asset exchange serving institutional clients, agreed with that sentiment, despite adding that institutional interest could still cause a surge in BTC prices.
As expected, the halving was fully priced in so price movement was limited. Now the industry will have to wait and see whether a rally will occur in the coming weeks amid sustained institutional interest.
Kok Kee Chong, CEO of AsiaNext Priced In or Not? A Question for Every Cycle
The ongoing debate about whether the impact of the Bitcoin halving – reducing daily mining rewards from 900 BTC to 450 BTC – is already reflected in the market price centres on opposing views.
On one side proponents posit that the halving is already factored into Bitcoin’s current value, arguing that since the event is well-known and information is universally accessible, Bitcoin cannot be undervalued.
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In contrast, others argue that historical crypto market cycles suggest that despite the public knowledge of the halving, cyclical trends and supply-demand dynamics could still drive significant price fluctuations.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
