Last night, the countdown on the Bitcoin halving reached zero, and the block reward miners receive was cut in half. The event has widely been expected to be bullish, with valuation models suggesting the asset will skyrocket from here.
However, some analysts aren’t so sure. We’ve gathered the conflicting thoughts of some of the finance industry’s top minds to find out why analysts are so divided on what to expect resulting from the event.Analysts Are Bullish on BTC Post-Halving, Point to $100K Valuations Due to Scarcity
Bitcoin price is currently trading at roughly $8,900, about a thousand dollars less than it peaked at a week ago.
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“Imagine if OPEC cut production in half overnight. what would happen to the price of oil? It would go up,” Prince .
Other Side of The Coin: Analysts Claim Bitcoin Halving is Priced In
On the other side of the coin, however, analysts aren’t so convinced.Alex Mashinsky, CEO and founder of Celsius Network as well as YouTuber and investors Preston Pysh believe that the cryptocurrency will likely trade sideways for some time now that the Bitcoin halving has passed.
Mashinsky believes that the halving is now priced in, and any money has already been made. Gavin Smith, CEO of cryptocurrency exchange Panxora agrees.Related Reading | Bitcoin Expert: Mentally Prepare, $10,000 May Take Another 100 Days To Break
“There was a psychological impact when we approached the halving due to the significant reduction in supply. But the easy money in bitcoin has been made,” Smith explained.Daniel Polotsky, CEO of CoinFlip, claims that its far too soon to use Bitcoin as a form of payment, however, fails to remember that Bitcoin can be used as store of value, transfer of wealth, and a solution for when banks simply aren’t.
Polotsky did have some wise words of advice, however. He reveals that owning Bitcoin isn’t a sprint, but a “marathon,” and adds that “You need to own bitcoin for decades. A majority of traders will lose money trying to time market moves.”
