- Traditional finance giant JPMorgan cautions against a bullish outlook for the upcoming fourth Bitcoin halving.
- The analysts expect Bitcoin to experience a price retrace upon the event.
- The fourth Bitcoin halving is fast approaching.
As the fourth Bitcoin halving approaches, market optimism is more heightened than ever, not only for the event, but the bullish benefits that accompany it. With fewer new bitcoins entering circulation, existing bitcoins become relatively scarce, expected to ignite a price uptick based on the evolving demand and supply dynamics.
However, the growing anticipation has seen the emergence of contrasting sentiments. While many investors are hopeful that the halving will trigger the next market bull run , others maintain a cautious stance, and the latest to take a side is traditional financial giant JPMorgan.
JPMorgan: 4th Bitcoin Halving is Priced In
According to a Wednesday report , financial experts at JPMorgan asserted that BTC is unlikely to witness a price increment upon the upcoming halving, but instead, a price retracement.
Central to the team’s assertions is the rally witnessed in March, which saw Bitcoin hit a new price peak of $73,780, suggesting that a significant portion of the expected post-halving rally has already occurred.
The recent sell-off witnessed across the market was also a focal point of discussion. According to the analysts, the decline in BTC price will serve as a fitting entry point for new investors seeking to enter the asset class.
JPMorgan’s comments echo the growing caution among industry analysts regarding the potential impact of the pre-scheduled quadrennial event.
Bitwise Forecasts Sloppy BTC Halving Short-Term Impact
On Tuesday, April 17, Bitcoin ETF issuer Bitwise warned the crypto industry against overestimating the immediate impact of the upcoming fourth BTC halving.
Drawing parallels between previous cycles, the firm emphasized that the crypto giant has recorded an intriguing performance pattern in the short-term impact of past halvings, a trend likely to re-occur upon the completion of the upcoming one.
However, Bitwise’s analysis offers a more optimistic outlook compared to the JPMorgan BTC halving report, emphasizing the bullish trend that historically follows the initial sluggish price impact.
With only a little over 215 blocks to make the 840,000 height at press time, the fourth BTC halving, slated to occur on April 19 at 23:57 UTC is less than a day away.
