.jpmorgan says bitcoin retail demand will remain strong ahead of the cryptocurrency’s next halving event, likely due April 2024. willcanny99 reports.
, when mining rewards are cut by 50%, “would mechanically double bitcoin production cost to around $40,000, creating a positive psychological effect,” analysts led by Nikolaos Panigirtzoglou wrote.
This is because historically the production cost has acted as an effective lower boundary to the cryptocurrency’s price, the report added. Previous halving events in 2016 and 2020 “were accompanied by a bullish trajectory for bitcoin prices” that accelerated after they occurred, the bank noted. In contrast, institutional demand for bitcoin has been falling, with investors discouraged by “fraud, heightened volatility and a year-to-date U.S. regulatory assault” that has led to increased uncertainty.
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