JPMorgan and Deutsche Bank Predict No Bitcoin Rally; Believe Halving Already Accounted For

JPMorgan

Experts from JPMorgan Chase & Co and Deutsche Bank AG suggest that the upcoming Bitcoin halving event has already been largely factored into the market. As a result, attention is now turning towards how the mining process will be impacted by this event.

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JPMorgan Chase & Co and Deutsche Bank AG analysts don’t anticipate significant shifts in Bitcoin’s price following the halving event. They believe that the market has already largely accounted for this software update, which happens approximately every four years.


Bitcoin Halving: Implications for Mining and Price

According to a Bloomberg report, the focus is now shifting towards the ramifications for Bitcoin mining following the upcoming halving event. Expectations suggest that publicly-traded firms may consolidate, gaining market share as less profitable miners exit the network.

JPMorgan analysts highlight that publicly-listed Bitcoin miners are poised to benefit from this new landscape, thanks to their access to funding, particularly through equity financing. This advantage allows them to scale operations and invest in more efficient equipment.

Similarly, analysts at Deutsche Bank foresee no significant increase in Bitcoin prices post-halving, as they believe the network’s algorithm has already factored in the update.

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The halving, which occurs approximately every four years, reduces the mining reward by half. According to data from NiceHash, the halving is anticipated to take place on April 19th at 22:07 (UTC). Historically, shortly after Bitcoin halvings, there has been a decline in hashrate, signaling reduced mining capacity as less profitable miners leave the market, according to Deutsche Bank analysts.

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Deutsche Bank’s Optimistic View on Bitcoin Amidst Expected Low Volatility

Despite forecasts of limited price fluctuations, Deutsche Bank maintains a positive outlook on Bitcoin’s future trajectory. The bank cites potential catalysts such as anticipated approvals for Ethereum exchange-traded funds (ETFs), adjustments in central bank interest rates, and regulatory changes, all of which could create favorable conditions for the broader cryptocurrency ecosystem.

Fred Thiel, CEO of Marathon Digital Holdings, indicates that the firm’s break-even point after the halving event would be approximately $46,000 per Bitcoin to sustain profitability. However, as of the latest update, Bitcoin (BTC) was trading at $64,574, reflecting a 12.8% decrease.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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