Experts argue that Bitcoin must prove its attractiveness as an investment option to attract new investors, which requires growing demand and strong liquidity in the market.
Kaiko, a French firm specialized in blockchain analysispresents a nuanced view on the historical impact of halvings in the world of cryptocurrencies. Especially in the largest cryptocurrency by market capitalization, Bitcoin.
Thus, this Friday, exactly eight days after Halving, the BTC barely exceeds US$63,000 with a weekly correction of -1.8%, which means that its value practically froze. While, Ethereum escal 0.3% and is positioned above US$3,000.
Kaiko assures that in the long term these events usually have a positive effect on crypto prices, they also warn about the importance of considering the current context. They argue that relying solely on past data may be insufficient to provide an accurate analysis.as investors could have anticipated the impact of the halving on prices.
Bitcoin: the factors analyzed by the market
In this sense, they highlight that the last halving occurs in a different scenario than the previous ones. Markus Thielen, founder of 10x Research and cryptoasset expert, had previously warned about the possible overvaluation of BTC, based on erroneous expectations about the decisions of the Federal Reserve (Fed) regarding interest rates.
The recent publication of the Gross Domestic Product (GDP) of the United States, which showed lower than expected growth and an increase in the price indexworries investors, reflected in the fall of the stock markets and the increase in the 10-year US Treasury bond.
BesidesBTC spot exchange-traded funds (ETFs) have seen significant net outflows, which raises uncertainty about its future. The correlation between the prices of these ETFs and inflows has decreased, suggesting that investors are paying more attention to macroeconomics rather than cryptocurrency market movements.
In this context, Kaiko emphasizes that the halving alone will not be enough to drive a sustained uptrend in the near term. They note that Bitcoin must prove its attractiveness as an investment option to attract new investors, which requires growing demand and strong market liquidity.
Source: Ambito
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