Analysts are predicting a significant increase in Bitcoin's post-halving price, despite the value of the world's largest crypto asset falling nearly 15% from its most recent record high of $73,738 over the past six days.
In a March 19 post to X, Capriole Fund founder Charles Edwards said it was "normal" to experience high volatility in the months on either side of Bitcoin's halving , speculating that the 12-month period following the event would be the best Risk and reward" for investors.
Edwards assumed that the April 18-20 halving of Bitcoin would be followed by a shutdown of inefficient diggers.
Bitcoin briefly fell to $61,593 on March 20 and is currently trading at $62,690, according to CoinGecko data.
Edwards said that while the correction does not appear to be over yet, he remains optimistic about price action in the long term.
"After that, the realities of a much lower rate of supply growth + unlocked pent-up demand for Tradfi will kick in, and the 12-month historically best profit and risk period for Bitcoin will begin."
While Edwards saw halving as the main catalyst for Bitcoin's price action, CryptoQuant's founder and CEO, Ki Young Ju, argued , the Bitcoin market is driven by the cash flows of ETFs, not the halving event.
"After halving, the cost of mining will double, which will force miners to maintain certain prices to ensure the profitability of mining," Ju said.
"The direct cost of the coin will increase to about $37,000, but at $63,000 it is no longer a problem for them," - he added.
Crypto analyst Rekt Capital told his 430,000 followers on X that they are convinced there is more room for Bitcoin to fall.
