The Bitcoin network has completed its fourth 'halving', a major event that halved the incentives given to miners.
Finance giants JPMorgan and Deutsche Bank made evaluations on the subject; While he expects some decline in Bitcoin after the halving, he stated that he "does not expect prices to increase significantly."
“While the upcoming Bitcoin halving will deliver a supply shock like its predecessors, we believe its impact on the BTC price may be magnified by the concurrent demand shock generated by the emergence of spot BTC ETFs,” Benchmark’s Mark Palmer said.
According to Maxim's Matthew Galinko, miners with access to cheap and reliable power sources are well positioned to drive the halving market dynamics:
"Some miners, most of whom are not publicly traded, may exit the market through a combination of inadequate access to power, efficient machinery, and capital. Miners with capital and relatively high power will likely find opportunities following the potential consolidation and disruptions caused by the halving."
Historically, following halvings, the Bitcoin hash rate, the total computing power used by miners to process transactions on the Bitcoin network, drops, pushing some miners out of the market. However, Deutsche Bank analyst Marion Laboure pointed out that this rate generally recovers in the medium term:
"For the last three halvings, the network regained pre-halving hash rate levels in an average of 57 days. Since Bitcoin miners were making record-high profits ahead of the halving, it is also possible that Bitcoin's current high prices will limit this short-term decline in hash rate."
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