The countdown is on as the Bitcoin Halving approaches, expected in less than 10 days, and just 1513 blocks away from cutting all miner rewards in half. The bullish momentum and fervor that filled March has hit a state of torpor, witnessing Bitcoin (BTC) fall from roughly $72,122 to as low as $68,212 on the day, according to CoinMarketCap.
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Harbinger Hayes Heralds ‘Slump’
Entrepreneur and crypto enthusiast Arthur Hayes posted on Substack April 8, forecasting a fall in the price of BTC and other crypto “before and after” the BTC halving event.
“When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.”
Hayes referred to the positive narrative surrounding the BTC halving event as “well entrenched” despite occurring during a cost-of-living crisis. He added that this would “add propellant to a raging firesale of crypto assets.”
VanEck CEO Expresses Ethereum ETF Pessimism
Despite Bitcoin ETFs soaring through Q1, 2024, Ethereum ETFs might not receive the same warm welcome as expressed by the CEO of Bitcoin ETF issuer VanEck, Jan Van Eck.
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Show more +“We were the first to file as well for Ethereum in the U.S., and we and [Ark Invest CEO] Cathay Wood, are kind of the first in line for May, I guess, to probably be rejected,” Eck told CNBC.
In March, the Securities and Exchange Commission (SEC) reignited its intent to classify Ethereum (ETH)as a security. Bitcoin’s commodity status has long been established, but for now, ETH’s security status remains shrouded in ambiguity until proven innocent.
Market Begins Pre-halving Bleed
Over the last 24 hours, market sentiment has u-turned as profit-taking occurs, and the market begins to bleed pre-halving as tax season approaches. Notable declines in price among the top five cryptocurrencies include BTC, ETH, Solana (SOL), and Binance Coin (BNB).
X user Rekt Capital (RC) commented on BTC price rejection of the $71,3000 resistance. Having broken below what RC highlights as “old All Time Highs as support”, consolidation between the two levels he specifies seems unlikely.
In conclusion, the sentiment shift in the cryptocurrency market today can be attributed to a number of factors, each pushing optimistic investors towards bearish outlooks. As the crypto community continues to seek an equilibrium amid the mixture of opinions, all eyes remain on the BTC halving — set to arrive by April 20.
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