Bitcoin Halving Approaches: JPMorgan Predicts Price Plunge
Halving Event Expected Imminently
April 19, 2024 (11:00 AM PDT) - The highly anticipated Bitcoin halving event, scheduled for Friday or Saturday, has sparked speculation and anticipation within the cryptocurrency industry. JPMorgan, a leading investment bank, has released a report predicting a significant price drop for Bitcoin (BTC) following the halving.
Analysts Anticipate Price Fall
According to JPMorgan analysts, BTC's price could plunge to as low as $42,000 per coin after the halving. They speculate that the event, which reduces the reward for mining new BTC by half, could trigger a market downturn as investors sell their holdings in anticipation of lower prices.
At the time of writing, CoinCodex's Bitcoin price prediction forecast suggests that BTC will trade around $74,600 on May 18, 2024. However, analysts caution that this prediction is subject to change based on market conditions and investor sentiment.
Impact on Bitcoin Price
The Bitcoin halving event has historically led to significant price fluctuations. In 2020, BTC's price rallied by over 150% in the months following the halving. Analysts believe this rally was primarily driven by increased demand and speculation surrounding the event.
However, it's important to note that past performance is not indicative of future results. The cryptocurrency market is highly volatile, and the impact of the upcoming halving event on BTC's price remains uncertain. Investors should exercise caution and conduct their own research before making any investment decisions.
Komentar