The bitcoin halving is not priced in and the event will see "real changes" in the digital asset's supply and demand mechanics, an analyst said.
"Digital asset investors and traders constantly ask the question 'is the halving priced in' and each cycle it tends to not be. Similarly, many investors thought the spot bitcoin ETF approval was also priced in, but over the first 60 days of ETF trading the bitcoin price rallied considerably," Balensweig said in an email sent to The Block.
Balensweig added that the upcoming halving will see traders attempt to position themselves ahead of the event, "but when the event occurs, there will be less daily supply on the exchange order books and assuming constant demand, that will again lead to bid-side pressure as the sell-side is thinner," he added.Balensweig's perspective contrasts with that of Coinbase analysts David Duong and David Han.
The anticipated bitcoin halving is expected to occur on Saturday, April 20, according to The Block's Halving Countdown.Every four years, a mechanism coded into bitcoin’s blockchain cuts the block reward miners earn in half.
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