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Bitcoin Price Poised for Post-Halving Surge? Bitwise Sees Miner Shakeout as Opportunity

Last Updated April 23, 2024 1:33 PM
Teuta Franjkovic
Last Updated April 23, 2024 1:33 PM
By Teuta Franjkovic
Verified by Peter Henn

s Key Takeaways

  • Bitwise is bullish on Bitcoin after the latest halving event.
  • Regulation remains a hurdle for BTC to gain wider acceptance.
  • Bitwise believes Bitcoin’s bull market is ongoing.

Bitwise Asset Management is optimistic about Bitcoin’s performance in the upcoming year.

A researcher from Bitwise explained  that they expect the cryptocurrency to continue reaching new “higher highs” over this year and the next. However, he noted that regulatory risks remain the primary concern for Bitcoin’s future prospects. Nevertheless, the changes to mining rewards could serve as an opportunity for BTC.

Bitwise Maintains Bullish Stance on BTC, Expects Continued Price Rise

Bitwise Asset Management has reiterated its positive outlook on Bitcoin. Ryan Rasmussen, a researcher at the firm, shared his insights on the future of cryptocurrency during an appearance on the Schwab Network  following its fourth halving.

He explained that historically, following the halving, there tends to be some consolidation within the mining industry as some miners struggle to adapt to the new economic realities of mining in a post-halving cycle.

Sharing his outlook on Bitcoin prices, he described  how typically, the year leading up to the halving and the year following it tend to be the best performance years for Bitcoin over its three or four-year cycles, a pattern observed in the past three halvings.

While he noted that there’s no guarantee this pattern will repeat in the future, he emphasized the strong performance leading up to this halving:

“We certainly have a great year running up to this halving. We bounced back from those lows of 2022, had a great 2023, we’re off to a great start in 2024, and I do think that we’ll continue to test higher highs here in 2024 and the next year following the halving. I think we’re just getting started and Bitcoin is going to have a great next 12 months.”

Bitcoin Soaring Despite Regulatory Hurdles

Rasmussen continued to outline the risks associated with Bitcoin, highlighting regulatory concerns as the primary challenge. He pointed out that, while the United States Securities and Exchange Commission (SEC) has approved spot Bitcoin exchange-traded funds (ETFs), and Hong Kong has recently approved spot Bitcoin and Ethereum ETFs, there remains significant global resistance. Many regions around the world still maintain a negative stance towards cryptocurrencies from a regulatory perspective.

Despite these challenges, Bitwise maintains an optimistic outlook . It expects that, as Bitcoin’s adoption grows worldwide, governments will gradually adjust their regulations to better accommodate the cryptocurrency.

He commented :

“I certainly think regulatory risk is the biggest headwind here.”

Bitwise Sees Bitcoin Soaring Despite Regulatory Hurdles

Rasmussen also discussed several macroeconomic factors impacting the cryptocurrency market, including global conflicts, inflation, and the significant debt burden in the US.

Adding to the bullish sentiment, Bitwise CIO Matt Hougan commented :

“Long-term, we believe bitcoin is in a raging bull market.”

He expressed confidence that the Bitcoin bull market is far from over. He said he anticipated an “everything season” with BTC potentially surpassing $200,000 this year, due to a combination of high demand and limited supply.

Echoing this optimism, Bitwise CEO Hunter Horsley recently stated that Bitcoin might reach $250,000 sooner than the firm initially anticipated.

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