Analysts Explain Why Bitcoin Plunged, Warn of Halving - Koin Bulletin

Crypto currency analysts do not expect the price of Bitcoin, which fell at the end of the week, to rise suddenly after the halving.

Bitcoin fell sharply after Iran's attack on Israel over the weekend and failed to recover to around $70,000.

Bitwise President Teddy Fusaro said, "(Bitcoin) still hasn't recovered from that hard drop." *Said. Speaking about why Bitcoin was declining, Fusaro said: "At the time, it was the only asset that could be traded in the financial markets, which is one of the unique features of Bitcoin. But it also makes it susceptible to price swings at the end of the week, because that's the only time you can get off risk there." *Said.

Vetle Lunde, senior analyst at K33 Research, said that crypto markets have been shaken up as investors have reduced the amount of Bitcoin in their portfolios and market makers have withdrawn liquidity due to uncertainty.

Commenting on the halving, which is scheduled to take place in about 3 days, Lunde does not expect a sharp swing in prices as the markets are already expecting it.

"It will take months for the effects of reduced production to materialize, and we think the halving will lead to a significant rally neither before it happens nor immediately after it happens," Lunde said. *Said.

After the halving, the amount of new Bitcoin circulating daily will be halved to 450.