The Bitcoin block completed the reward halving on April 20. The process was quite dull, and the price did not rise or fall sharply. The price of Bitcoin only climbed from US$63,000 to around US$66,000, with a small change.

It was originally believed that there would be two scenarios after the Bitcoin halving. The first was that the supply was halved, and investors were optimistic about its scarcity, and the price would rise again; the second was that miners would have a higher demand for cash flow because their income was cut in half, and they would tend to sell their inventory of Bitcoin in exchange for cash flow, causing the price of the currency to plummet. Obviously, these have already been reflected.

Matt Hougan, chief investment officer of crypto asset management company Bitwise, pointed out in an interview with CNBC Squawk Box that the price of Bitcoin rebounded sharply after the halving, so this is a "buy on the news" event, especially in the long run. Matt Hougan also said that the reason for the price rebound of Bitcoin in the year after the past three halvings was the supply tightening in the months after the halving.

The next wave will have to wait until the U.S. stock market opens to determine the direction. The scale growth of Bitcoin ETF is still the main growth momentum of Bitcoin price. It also depends on whether funds will continue to flow into Bitcoin ETF to offset the expected impact of Fed's high interest rate policy.