Bitcoin bounce because of ‘halving’ coverage in global media – Where do we go from here?

Bitcoin rose from $60k a few days ago to $65k yesterday just as Israel launched an attack on Iran. The ‘bounce’ of the Bitcoin price is mainly due to the global media all covering today’s ‘bitcoin halving’, of course.

The search term ‘bitcoin halving’ on Google also reached absolute records. The question of course is how will this continue. Is the dip over or is it a bear trap?

BITCOIN HALVING pic.twitter.com/tILBqTc6cF

— beeple (@beeple) April 20, 2024

Effect

Crypto has gone more and more mainstream in recent years, and although young people (GenZ and Millenials) know what the ‘halving’ is, the older generations (GenX and Boomers) still need to be informed. That is why you could read all about the ‘Bitcoin halving’ this week on CNN, the New York Times, BBC News and many other sites. Of course, all this attention caused the price of Bitcoin to rise. At the time of writing, the largest digital coin is trading for $64,000.

That halving took place last night and the reward for Bitcoin miners has now been halved from 6.25 Bitcoin per block to 3.12 Bitcoin. Normally, this new scarcity brings with it a higher price, but at the moment we have been looking at a dip for several weeks.

How will this all proceed? Well, the current geopolitical situation is very uncertain and a counter-attack by Iran on Israel, for example during the weekend, could quickly worsen the situation for Bitcoin.

On the other hand, in the longer term, everyone still expects a higher Bitcoin price this year as the previous ‘halvings’ also had this effect.

Technically, the price of Bitcoin is ‘neutral’ at the moment and the largest digital currency is moving slowly within a broad trading range between $60k and $70k. Much will depend on both the economic and geopolitical conditions in the coming days and weeks.