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Has the Halving Event Already Been Priced In? Deutsche Bank, JPMorgan, and Goldman Sachs All Bearish on Bitcoin Halving

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Has the Halving Event Already Been Priced In? Deutsche Bank, JPMorgan, and Goldman Sachs All Bearish on Bitcoin Halving

Bitcoin and the cryptocurrency market are falling, with many sectors further pessimistic about the Bitcoin halving event.

Deutsche Bank: Halving Event for Bitcoin Already Priced In

According to a research report released by Deutsche Bank on April 18, as cited by CoinDesk, the bank expects that the upcoming Bitcoin halving event has already been partially absorbed by the market, making a significant post-halving surge less likely.

The halving event is less than a day away and is expected to occur on the 20th.

Halving Countdown | Source: CoinGecko

Wall Street Investment Banks Bearish on Bitcoin Halving

Major institutions such as JPMorgan, Goldman Sachs, and cryptocurrency analytics firm 10x Research are all pessimistic about the halving event.

Goldman Sachs recently warned users not to overinterpret past halving cycles and believed that the rise in price comes from the continued demand for a Bitcoin ETF:

The halving is just a "reminder to investors of the psychological factor of Bitcoin supply," and its impact on Bitcoin's trend may not be as significant, as price fluctuations are mainly driven by market supply and demand dynamics and the adoption rate of ETFs.

JPMorgan also believes that the rebound after the Bitcoin halving has been priced in advance and is optimistic about the performance of mining companies post-halving, even claiming last year that the halving event was already Price-in, yet Bitcoin rose by 68% in the first quarter.

JPMorgan: Bitcoin Halving, Spot ETF Approval Already Price-in, ETH to Outperform BTC Next Year

Long-Term Bullish Outlook on the Crypto Market

However, Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace still have a positive outlook on the future performance of the crypto market. These bullish factors include:

  • Potential rate cuts by the Federal Reserve

  • Approval of an Ethereum spot ETF

  • L2 scaling to enhance DeFi usability

  • Halving event prompting miners to seek low-cost energy sources