BTC Halving 2024: Don’t Expect a Huge Positive Impact on the BTC

Bitcoin Halving 2024: Goldman Sachs Indicates Not to Anticipate a Significant Positive Effect on BTC Prices

As the cryptocurrency community anticipates Bitcoin’s fourth mining reward halving, set to likely occur on April 20, excitement is building. This pivotal event will reduce the reward for mining Bitcoin blocks from 6.25 BTC to 3.125 BTC, halving the rate at which new bitcoins are generated. Historically, such halvings have triggered extended periods of price increases for Bitcoin, leading to investor optimism about the potential effects of the upcoming halving.

Nonetheless, a recent CoinDesk article reveals that Goldman Sachs has advised caution. The firm’s Fixed Income, Currencies and Commodities (FICC), and Equities teams pointed out that while previous halvings have indeed spurred significant price increases, the timing and scale of these surges have varied greatly. They emphasize the need to account for the distinct macroeconomic circumstances of each halving, cautioning against the assumption that previous trends will necessarily recur.

Technically:

Bitcoin is currently following a bearish trend with an initial target of 60980. If it remains stable below this figure, the bearish trend is expected to persist, potentially reaching 53000, largely influenced by geopolitical tensions between Israel and Iran. On the other hand, if it reverses and exceeds 64990, this would signal a bullish trend aiming for a target of 69030.