Goldman Sachs’ Perspective: Bitcoin’s Future Price Beyond Halving Events
Goldman Sachs analysts argue that predicting Bitcoin’s future price based on past halving events might not be accurate.
They suggest that while halving may have influenced previous bull runs, other macro factors likely played a significant role. In the current cycle, sustained gains in Bitcoin’s value could hinge on significant inflows into spot exchange-traded funds (ETFs). The analysts caution against assuming that past halving cycles will repeat, especially given today’s different macroeconomic conditions marked by low inflation and interest rates.
They emphasize that the upcoming halving may not necessarily follow the pattern of “buy the rumor, sell the news,” as Bitcoin’s price performance depends more on supply-demand dynamics and the demand for BTC ETFs. Despite short-term concerns, industry leaders such as Bitwise CIO Matt Hougan and Crypto.com CEO Kris Marszalek remain optimistic about Bitcoin’s long-term prospects.
Clever Robot News Desk 19th April 2024