Bitcoin ranges below $67,000 as JP Morgan analysts say BTC halving is more than priced in
- Bitcoin ranges below $67,000 on Monday, four days away from the halving event.
- The fourth BTC halving is scheduled to occur on April 20.
- JP Morgan analysts said in a research note that the halving is more than priced in.
- Bitcoin halving related meme coin HULVIN rallies 44% overnight.
Bitcoin (BTC) is ranging below $67,000, as the largest asset by market capitalization is preparing for its halving event, estimated to occur on April 20, according to Nicehash countdown. The halving event is considered a key event as typically BTC price cycles are influenced by the mining difficulty adjustment.
JP Morgan analysts said in a February research note that the Bitcoin halving is more than priced in.
Bitcoin prepares for the fourth halving event
Bitcoin halving is scheduled to occur on April 20, according to the Nicehash countdown tracker. The halving event is a mining difficulty adjustment for the Bitcoin blockchain where the reward for miners is cut in half, and the network is preparing for the fourth event.
Nicehash Bitcoin halving countdown
The halving has an impact on the supply of Bitcoin, adjustment in mining difficulty typically results in the production of fewer blocks and is expected to reduce the volume of BTC in circulation. Supply dynamics may influence the asset’s price, and as seen in previous halving cycles, Bitcoin price hits new all-time highs within 12-18 months post the halving.
In the weeks leading up to the halving, there is higher participation from traders, and the recent approval of Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has opened the gates to institutional investment in BTC.
In a February research note, JP Morgan wrote, “The 2024 bitcoin halving event is more than priced in on our calculations,” as seen in Barron’s article.
At the time of writing, Bitcoin price is $65,493 on Binance.
Find out more about the halving, Bitcoin’s dominance and its impact on altcoins here.
BTC halving related meme coin soars overnight
A halving related meme coin HULVIN price is up 44% overnight. As the BTC halving approaches, the meme coin has generated interest among traders. The meme coin is being traded on decentralized exchanges.
Several meme coins and Bitcoin-adjacent tokens (Ordinals, and inscription based tokens on the BTC blockchain) have emerged around the halving event. These assets may face a rug pull or exploit, and have low market capitalization when compared to most altcoins. Traders are advised to do their own research and understand that the capital invested in meme coins may be at risk.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
