Bitcoin And altcoins It responded to the tension between Iran and Israel that started over the weekend with a sharp decline. While the continuation of tension between the two countries causes the downward trend to continue, these decreases last for a very short time. Bitcoin Halving overshadowed its effectiveness.
At this point, while investors were eagerly waiting for the impact of the halving on the BTC price, a new assessment came from the US banking giant JP Morgan.
According to Coindesk news, JP Morgan said in a report published today that it expects the Bitcoin price to fall after the halving.
Analysts stated that Bitcoin futures gave a negative signal for the post-halving period and said that miners would be most affected by this situation.
JP Morgan analysts led by Nikolaos Panigirtzoglou wrote:
“We think it is likely that the Bitcoin price will fall after the halving. The projected production cost after the halving will be $42,000. Bitcoin production cost has historically served as a lower bound for BTC prices.”
Analysts also stated that the biggest impact of the halving will be felt by mining companies. “As unprofitable Bitcoin miners exit the Bitcoin network, we expect a significant decline in hashrate and consolidation among Bitcoin miners with the highest share among publicly traded Bitcoin miners. At this point, after the halving, it is likely that some BTC mining companies will turn to low energy cost regions such as Latin America or Africa.”said.
In a note sent to their clients yesterday, JP Morgan analysts said that Bitcoin’s superior performance so far may mean that some of the typical post-halving rally has been brought forward.
*This is not investment advice.
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