Marathon’s CEO, who heads up the biggest crypto mining company in the US, stated that the approval of spot Bitcoin ETFs accelerated the anticipated post-halving rally.
In an interview with Bloomberg on April 9, Fred Thiel expressed his belief that the successful approval of ETFs has drawn significant investment into the market. Consequently, the price increase that might have occurred three to six months following the halving event was brought forward as a result.
“So I think we are seeing part of that now already and that has put forward some of the demand. ”
No Post-Halving Rally?
Thiel pointed out that approximately 450 Bitcoins would be removed from circulation each day due to the halving event, potentially having a minimal effect on prices.
They’ve expressed joy as a mining company over the pre-halving rally going against the usual trend in past market cycles.
Miners are particularly enthusiastic about the upcoming halving because prices have risen instead of declining before this event. This means everyone is making the most of the situation.
Peter Thiel approximated that the business needed to make approximately $46,000 in revenue from selling each Bitcoin to cover costs and stay profitable following the halving event.
According to Bitcoin mining authority Jaran Mellerud, the hash rate was expected to experience only a slight decrease following the halving event.
Instead of regarding halvings as occurrences that decrease the hashrate, consider them as temporary interruptions in the unyielding climb of the hashrate.
The predicted decrease in Bitcoin’s hashrate after the halving is expected to be relatively small, around 5-10% according to Penny Crypto’s assessment.
Additionally, historically, the average time for the hashrate to recover to its previous level following a halving event has been approximately 57 days. Consequently, we can expect a swift rebound.
— Jaran Mellerud (@JMellerud) April 9, 2024
In his statement, he mentioned that despite this halving, there will continue to be a bull market. However, it’s important to note that the increasing demand rather than the limited supply reduction, will drive the price increase.
Instead, Bitfinex anticipates that the market rally following Bitcoin’s halving event will push its price up to $150,000.
Bitcoin Price Outlook
The price of Bitcoin has risen by approximately 65% during the first four months of the year, with the halving event scheduled for around April 20th, or roughly ten days from now.
Since the beginning of March, Bitcoin’s price has remained within the upper $60,000 range without managing to break through or experiencing significant decline.
According to investor and financial expert Oliver Isaacs, the amount of Bitcoin in circulation on cryptocurrency exchanges is presently at its lowest level in six years. Additionally, various nations are making plans to allow the trading of Bitcoin Exchange-Traded Products (ETPs).
The Bitcoin halving is just 10 days away!
If you’re still bearish on Bitcoin, know this:…
— Oliver Isaacs (@oliverzok) April 10, 2024
Despite a 3% drop in value on that day, the asset could still be purchased for $69,200 as of this moment, remaining inside its sideways trend.
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2024-04-10 09:20