Analysts engage in debate over Bitcoin price as halving approaches

Bitcoin’s impending halving has sparked discussions and debates about its volatility and future price. Analysts are struggling to predict where the price will go after the halving, but some have attempted to make predictions. The opinions of experts on Bitcoin’s price trend vary depending on their analysis. Onchain analysts are optimistic about a bullish outcome, while technical analysts have mixed opinions. Julio Moreno, the head of research at CryptoQuant, acknowledges the difficulty of predicting the price post-halving but highlights that traders have already taken profits, reducing sell pressure.
CryptoQuant reveals that short-term holders have noticed the price returning to near market equivalence. This suggests that short-term traders have taken their gains and are not expecting significant profits that would incentivize them to hold onto the asset. The BTC network previously had high unrealized profits before the correction, and CryptoQuant attributes this trend to issues in the Middle East and the slowed pace of Bitcoin ETF inflows.
IntoTheBlock, an analytics firm, states that despite the decline in Bitcoin’s price causing a stir on crypto Twitter, investors are still profitable. During the uptrend, approximately 97% of traders held profits, a rare and unsustainable trend. Vincent Maliepaard, the firm’s marketing director, downplays the decline, noting that it only fell by around 20%. Additionally, there has been a surge in momentum, indicating a potential bullish trend in the near future.
However, analysts from JPMorgan and Goldman Sachs predict a bearish return for Bitcoin post-halving. JPMorgan analyst Nikolas Panigirtzoglou believes that the asset could experience a price decline for various reasons. He points out that the market has already factored in the halving, and Bitcoin’s volatility-adjusted price compared to gold is around $45,000. Goldman Sachs suggests that while Bitcoin typically reaches new highs after a halving, this particular halving may be driven by hype rather than fundamental factors.