Goldman Sachs On Bitcoin Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News Event’

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,132,962,043,169	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,132,962,043,169

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-468.92	-0.81%	57,768.81	57,768.80	57,768.81

Price Change

Price Change %

Current Price

Bid Price

Offer

-468.92

-0.81%

57,768.81

57,768.80

57,768.81

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:47:49	0.001741	57,768.81	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:47:49

0.001741

57,768.81

USD

Price x Volume	Volume	Base Symbol	Related Pairs
239,455,722.61	4,161.72	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

239,455,722.61

4,161.72

Goldman Sachs On Bitcoin Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News Event’

18/04/2024 8:30pm

NEWSBTC

Analysts at Goldman Sachs, a leading global banking and investment management firm, have offered valuable insights into the anticipated effects of the forthcoming Bitcoin halving, on the price of the cryptocurrency. They emphasize that while the Bitcoin halving is a noteworthy event, other major factors will likely exert greater influence on Bitcoin’s future value. Bitcoin Halving To Play Lesser Role In BTC’s Outlook In a note to clients, Goldman Sach’s analysts have cautioned against reading too much into the past Bitcoin halving cycles and their impact on the cryptocurrency. Based on historical trends, the Bitcoin halving cycles tend to have a favorable effect on the value of Bitcoin, often triggering a bull run. The bank noted that whether the Bitcoin halving scheduled for April 20, becomes a “buy the rumor, sell the news event,” it would hold less significance for the cryptocurrency’s medium-term outlook. They argue that the future performance of the pioneer cryptocurrency would be more heavily influenced by the supply and demand dynamics within the current market. Additionally, the analysts highlighted that the growing interest and demand for Spot Bitcoin Exchange Traded Funds (ETFs) combined with the self-reflexive nature of the crypto market would be the primary contributing factor to Bitcoin’s price action and future outlook. Sharing a similar perspective, analysts at CryptoQuant disclosed earlier in April that the 2024 Bitcoin halving was no longer a primary catalyst for Bitcoin’s bullish surge. They highlighted that factors such as increasing demand from large-scale investors and diminishing supply were now the key drivers of Bitcoin’s upward momentum. Analysts Warn Of Macroeconomic Influence On New Halving Cycle Analysts at Goldman Sachs have predicted that macroeconomic factors such as inflation could have a significant influence on the upcoming Bitcoin halving event. “Caution should be taken against extrapolating the past cycles and the impact of halving, given the respective prevailing macro conditions,” Goldman Sachs analysts noted. Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why Unlike previous halving cycles, the present economic conditions display high inflationary pressures and interest rates, which could cause the 2024 Bitcoin halving cycle to diverge from historical patterns. In other words, the analysts have suggested that for Bitcoin’s historical halving bull runs to occur, macro conditions need to be supportive of investor risk-taking. Currently, the United States faces challenges with high inflation, while interest rates stand above 5%. These conditions may exert pressure on Bitcoin’s market dynamics. However, despite the prevailing circumstances, many see the digital currency as a formidable inflation hedge and a beacon of hope against escalating inflationary pressures. BTC price at $62,000 | Source: BTCUSD on Tradingview.com Featured image from CryptoSlate, chart from Tradingview.com

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