As Grayscale approaches the period when the Bitcoin halving will occur in April 2024, a report has been published suggesting that this event may be different from those in the past. This event, which will take place in April, will be at an important time in the Bitcoin ecosystem. Moreover, developments between miners and miners are awaited with great curiosity. Additionally, a Bitcoin forecast came from Standard Chartered. Here are the details…
Grayscale published a report about Bitcoin halving
This event, in which the Bitcoin issuance will be halved, provides short-term returns for miners. However, according to Grayscale’s reports, core on-chain activities and positive market structure are critical. Because this has the potential to make the halving completely different. Despite the decreasing block price revenue and high production costs faced by miners in particular, the industry’s efforts to support reserves keep Bitcoin miners hopeful.
According to Grayscale’s report, significant fundraising efforts are being proactively halted across the industry. For example, Core Scientific’s 55 million equity offering, Stronghold’s 15 million equity raising, and Marathon Digital’s ambitious 750 million hybrid equity raising all draw on strong fundamentals in the industry.
Bitcoin ETFs attracted attention
The adoption of Bitcoin ETFs also points to a significant community. Continued adoption of these ETFs has the potential to absorb significant selling pressure. There is also a risk that it could provide a new, aggregating source of demand that is positive for the price. This reshapes the potential available in Bitcoin’s market.
Meanwhile, the global cryptocurrency market value rose. Because it is currently at a surprising level of $1.87. It recorded an increase of 4.7% in the last 24 hours. The growth dynamics in new US ETFs had a major impact on this increase.
Bitcoin prediction from Standard Chartered
Geoff Kendrick, Head of Crypto Research at Standard Chartered, also shared interesting analysis. According to Kendirck, structuring interest in GBTC is critical. Additionally, increased demand for other ETFs could drive the price of Bitcoin higher. Kendrick predicts increased net inflows into spot ETF funds in the coming period. Moreover, he predicts that the price of Bitcoin may rise significantly in the coming years. Kendrick examines in detail the dynamics behind Bitcoin’s recent rally and uses various data sources to understand the factors behind this rally.
In particular, he notes that changing flow dynamics in new US ETFs affects the price of Bitcoin, and the increase in these ETFs increases the value of Bitcoin. According to Geoff Kendrick’s analysis, decreasing interest in GBTC and increased demand for other ETFs could push the price of Bitcoin higher. He predicts that this change may be a turning point for Bitcoin and that Bitcoin’s value may increase significantly in the coming period.
Geoff Kendrick predicts that there will be a net inflow into spot ETF funds in the coming period and thinks that this will positively affect the price of Bitcoin. It also states that GBTC outflows will stop and other inflows will continue. He predicts that this could push Bitcoin’s price to $100,000 by the end of 2024 and $200,000 by the end of 2025.
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