(MENAFN- B2Press) The highly anticipated Bitcoin halving, closely followed by the crypto ecosystem, was completed on the midnight between April 19 and April 20. Following the halving, initial assessments regarding Bitcoin, which reached levels around $66,000, have started to emerge.
The halving, closely monitored by the crypto ecosystem and typically occurring every four years, which halves mining rewards, was completed on the midnight between April 19 and April 20. This update, which halves rewards per block produced by Bitcoin miners, was considered significant by the crypto community for its potential to restrict the Bitcoin supply. With the completion of the Bitcoin halving, attention has shifted to the price movements of Bitcoin and the new agenda of the crypto ecosystem.
Sharing his insights on the matter, Kafkas Sönmez, Director of Global Growth at Gate, stated, "The halving once again proved Bitcoin's anti-inflation nature and its programmable, decentralized structure. The crypto ecosystem will now focus on stability and innovation."
Major banks not expecting price increases
Leading banks also joined those who published price forecasts prior to the halving. JPMorgan analysts noted that Bitcoin, which reached a new all-time high of $73,000 in March, was already priced for the halving, and they did not expect a price increase post-halving. Deutsche Bank also expressed that it did not foresee a major rally post-halving.
In addition to Deutsche Bank's price forecasts, Kafkas Sönmez highlighted consumer research, stating, "The most notable data from this research was the decrease in user skepticism regarding Bitcoin. The research, conducted with 3,600 participants, found that only 1% believed that cryptocurrencies would 'disappear in some way.' While the ecosystem may not expect a large-scale rally, it's important to remember the $150,000 targets set by banks like Standard Chartered for the end of the year. Following the halving, Bitcoin rebounded to around $66,000. The majority of investors who have entered the cryptocurrency space in recent years experienced their first halving. The possibility of investors who see that everything is fine post-halving returning is on the table. At this point, the next six months are critical for Bitcoin."
"We've seen that Bitcoin is sensitive to global crises"
Kafkas Sönmez also mentioned another issue that closely affected Bitcoin before the halving: rising tensions in the Middle East. He stated, "We've seen that unlike traditional investment instruments in many crises, Bitcoin, which acted almost like digital gold, responded to tensions before all assets and responded downwards. Increased institutional interest in Bitcoin, spot Bitcoin ETFs, and the halving can be said to have influenced these price movements. With tensions in the region easing and the halving being completed smoothly, Bitcoin has begun to recover what it lost in the past few days. The next agendas for the crypto ecosystem will include spot Ethereum ETFs, regulations, the inclusion of Bitcoin in the portfolios of traditional investment and retirement funds, and developments regarding spot Bitcoin ETFs in countries like Hong Kong. If all conditions are met, each of these headlines can contribute to an optimistic atmosphere."
"Bitcoin is regaining its innovative title"
Another development that excited Bitcoin investors and the crypto ecosystem in general after the halving was the Runes protocol, mentioned Kafkas Sönmez, Director of Global Growth at Gate. He concluded his assessments with the following statements:
"The Runes protocol, developed by Casey Rodarmor, was activated after the halving. Following the Ordinals protocol, developed in December 2022 and shining in 2023, this new protocol indicates that Bitcoin is regaining its innovative title. Franklin Templeton described the Ordinals protocol as Bitcoin's renaissance. Witnessing more innovation in Bitcoin until the next halving estimated for 2028 is also possible. As one of the world's largest cryptocurrency exchanges and the gateway to crypto, Gate is following global developments and developing our products and services accordingly."
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