2024 halving. Despite the excitement, however, the eagerly anticipated event has left its audience divided into two camps – Those who expect major corrections and those who expect BTC to hike by +10x.
Sentiment around Bitcoin has been especially divided over the past week or two on the back of the crypto’s topsy-turvy movement on the charts. At the time of writing, for instance, it was valued at just over $62,000. This, within 6 hours of Bitcoin falling below $60,000 on the back of geopolitical tensions between Israel and Iran.“You won’t see this inflation hedge, or a store of value as other pundits are saying until you get over a billion users.
With this perspective, Scaramucci then tried to suggest that people will perceive Bitcoin as a risk-on or a risk-off asset until it reaches a certain level of adoption.As expected, Bitcoin’s halving has sparked contrasting expectations of a supply-demand shift, which clashes with recent trends. Rather than a surge in selling pressure, miners are reportedly easing outflows.
Ergo, while acknowledging short-term price fluctuations due to external factors like wars, he maintained a long-term bullish perspective on BTC.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.