Bitcoin Halving Partially Priced In With No Big Rally Expected Afterward: Deutsche Bank
Crypto prices are likely to stay high in anticipation of spot ether ETF approvals, central bank rate cuts and regulatory changes, the report said.
Crypto prices are likely to stay high in anticipation of spot ether ETF approvals, central bank rate cuts and regulatory changes, the report said.
The bank’s analysis of open interest in bitcoin futures shows that the cryptocurrency is still considered overbought.
BTC dominance is creeping upwards as Layer-1s and Artificial Intelligence tokens had a rough week, while Google search interest in the halving skyrockets.
Unlike the last Bitcoin halving, a ho-hum affair where Covid-locked-down gawkers had little choice but to tune into livestreamed watch parties, the upcoming Bitcoin halving comes with project launches, competitions and IRL celebrations in Denver and Costa Rica.
Miners face uncertain times as the halving changes Bitcoin’s economics. Which groups are best positioned for the future? Dan Weiskopf, at Tidal Financial Group, gives a run-down.
Analyst expectations of as much as $25 billion in fresh demand may have to be tempered.
Large bitcoin investors haven’t started to buy the taban yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted.
Recent weakness in bitcoin mining stocks ahead of the reward halving offers an attractive entry point for investors, the report said.
Bitcoin’s bullish trajectory is expected to resume after the halving evvel mining hashrates have adjusted to the lower rewards and ETF inflows resume, the report said.
Rodarmor created last year’s breakout Ordinals protocol, which is used to create non-fungible tokens (NFTs) on Bitcoin. Now, he says the relevance of protocols like his new Runes, used to create fungible tokens, is set to grow.