Bitcoin's price is expected to fall post-halving as the event has already been factored into the current pricing, according to JPMorgan analysts.
These reasons include bitcoin still being in "overbought conditions," according to an analysis of open interest in bitcoin futures. Additionally, the bitcoin price is still well above JPMorgan's volatility-adjusted price of $45,000 compared to gold and remains above its projected production cost post-halving of $42,000, the analysts reiterated.
The bitcoin halving event — expected to occur this week — will reduce the issuance rewards for bitcoin miners from the current 6.25 BTC per block to 3.125. The reduction is expected to impact bitcoin miners and bitcoin mining hashrate or compute power, the analysts said.
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