2023-7-28 15:00 |
As the Bitcoin market continues to persist, speculation regarding impending events forms a crucial part of the discourse. Among such discussions, the forthcoming BTC halving and the potential United States approval of a spot Bitcoin ETF have captured much attention.
However, one seasoned trader presents a contrarian view, suggesting that the anticipation might far exceed the actual impacts of these events.
BTC Halving: An Overhyped Non-event?Peter Brandt, a veteran trader, and market analyst, has stirred up the crypto waters with his bold claims. He suggests that these widely-expected events might be mere non-events, triggering waves of surprise across the crypto community.
As someone who has navigated the markets for decades, Brandt’s viewpoints provide a fresh perspective amid the prevalent bullish sentiment.
Three things I believe about Bitcoin 1. The inevitable OK of a $BTC ETF in U.S. will be non-event 2. BTC halving will be a non-event Markets discount in advance 3. BTC’s correlation to other mkts is a non-starter. BTC will be top of food chain. That’s the only thing that matters pic.twitter.com/2l0CxAyZ4T
— Peter Brandt (@PeterLBrandt) July 27, 2023
Traditionally, BTC halvings have been monumental occasions in the crypto timeline. This protocol event, which takes place approximately every four years, cuts the reward for mining new blocks by half, thus limiting the supply of new Bitcoin entering the market.
Investors have long viewed the halving as an upward price catalyst, with previous halvings resulting in significant price appreciation. Brandt, however, proposes a different viewpoint.
He asserts that markets, by their very nature, anticipate and discount such future events. According to him, the market has already factored in the effects of the upcoming Bitcoin halving.
Spot Bitcoin ETF: A Market Non-Starter?Over recent months, significant entities like BlackRock and Fidelity have championed the initiation of a Spot Bitcoin ETF, a financial tool designed to mirror the actual price of BTC.
There’s a prevailing assumption that such a product could entice a considerable influx of institutional capital into BTC, leading, in turn, to a potential surge in its valuation.
However, Brandt begs to differ. Consistent with his views on the BTC halving, he perceives the potential approval of a BTC ETF in the U.S. as another non-event.
Brandt highlights Bitcoin’s dominant position as the primary factor of importance, dismissing its correlation with other markets. He took to Twitter to express his stance, asserting that Bitcoin will remain at the top of the food chain.
Meanwhile, BTC price has continued to thrive to break out of the bloodbath. Over the past 24 hours, the asset has declined by 1.1% after attempting to break past the $30,000. region on Wednesday. Notably, BTC currently trades at a price of $29,309, at the time of writing.
Featured image from iStock, Chart from TradingView
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