Bitcoin (BTC) Halving Rally Already Priced In, Says Marathon CEO

Today’s report covers insight into the thread of Bitcoin and surrounding events. The owner of America’s biggest crypto mining firm, Marathon, expressed that spot Bitcoin ETF approvals hastened what would have been the post-halving rally.

In a long-concluded interview, Fred Thiel asserted, I think the ETF approval, which has been a huge success, has flooded capital into the market and promoted what could have been the price appreciation we typically would have seen three to six months post-halving, so I think we are seeing part of that now already and that has put forward some of the demand, in his own words.

No Post-Halving Rally?

In a more detailed explanation, Thiel said that the halving event would lower the supply of Bitcoin by about 450 a day, which would have some small impact on prices probably.

He reinforced his excitement saying, the pre-halving rally which has bucked the trend seen in previous market cycles is estimated that the firm’s break-even rate would be about $46,000 per BTC to remain profitable shortly after the halving.

According to predictions, the hashrate will drop by only 5-10% following the halving. Based on historical data, the hashrate has taken an average of 57 days to return to pre-halving levels, indicating a fast recovery.

However, while there will still be a bull market after the halving, the main driving factor behind the price surge will be the growing demand, not the meager supply decline. Bitfinex boldly predicts that the post-halving bull market will lead to Bitcoin prices soaring to $150,000.

Bitcoin Price Outlook

Bitcoin prices surged by 65% in the first four months of this year, leading up to the halving event which will take place on April 20, in just ten days from now.

However, the price of BTC has been fluctuating within the upper $60K range since early March, without experiencing any significant increase or decrease. Analyst Oliver Isaacs has stated that the amount of BTC on exchanges is at a six-year low, and several countries are preparing to allow Bitcoin ETPs.

Despite all this, the asset is currently trading at $69,200, having decreased by 3% on the day, remaining within the same price range.