2024-04-19 18:15:42 ET
Bitcoin may see “short-term corrections or dips” after the halving event, says Shivam Thakral. He’s the chief executive of India’s 2 nd longest-running exchange for digital assets – BuyUcoin.
What Bitcoin halving 2024 may mean longer term
Reward associated with mining Bitcoin is slated to halve over the next few hours. Ahead of it, price of the world’s largest cryptocurrency by market cap tanked to even below the $60,000 level on Friday.
Note that Thakral does expect Bitcoin halving 2024 to help BTC print a new high as “historical precedent suggests”.
But it may result in a “notable decline in BTC dominance accompanied by a surge in interest and investment in altcoins” as well over the next eighteen months, he told Invezz this morning.
Part of Thakral’s longer-term bullish view on Bitcoin is related also to ETFs that secured approval first in the U.S. this year and more recently in Hong Kong.
Why has Bitcoin (BTC) taken a hit in recent days?
On Friday, Jyotsna Hirdyani – head of South Asian operations of Bitget attributed the recent weakness in Bitcoin to miners cutting their coin stashes before the halving event.
Data shows a decline in miner-held Bitcoin which signals a shift in strategy towards profit-taking and operational upgrades amidst Bitcoin’s recent rally to record highs.
What typically follows Bitcoin halving is increased trading activity and higher market volatility .
While this time is not likely to be particularly different in that regard – Manhar Garegrat of Liminal Custody Solutions also expects the event to motivate launch of “innovative financial instruments” for investors to have alternate means of “exposure to digital assets”.
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