The CEO of Marathon, the largest crypto mining company in the US, mentioned that the recent approval of spot Bitcoin ETFs has accelerated what would have been the traditional post-halving rally.
No Post-Halving Rally?
Thiel elaborated that the halving event, which decreases the daily supply of Bitcoin by approximately 450, might have a slight impact on prices.
He also expressed delight as a mining company for the pre-halving rally, deviating from the usual trend seen in previous market cycles.
Bitcoin mining specialist Jaran Mellerud anticipated that the hash rate would not drop significantly following the halving.
He noted that there would still be a bull market after the halving, with the surge in price being fueled by increasing demand rather than a minimal supply decline.
Bitfinex, however, forecasted that post-halving bull market could drive Bitcoin prices to $150,000.
Bitcoin Price Outlook
Bitcoin prices have risen by 65% year-to-date in the four months before the halving, expected around April 20, just ten days away.
Despite this, BTC prices have remained within the upper $60,000 range since early March, without a significant breakout or correction.
Analyst Oliver Isaacs highlighted that BTC held on exchanges was at a six-year low, and several countries are gearing up to allow Bitcoin ETPs.
Currently, Bitcoin is trading at $69,200, with a 3% decline on the day, remaining within its sideways trading range.
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