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Bitcoin Reward Reduced: Goldman Sachs Estimates Contribution “Buy the Rumor, Sell the News”

Bitcoin Reward Reduced:

Goldman Sachs Estimates Contribution

“Buy the Rumor, Sell the News”

Goldman Sachs analysts believe that the upcoming Bitcoin reward halving will

have a lesser impact on Bitcoin's medium-term outlook, regardless of whether

this event follows

a "buy the rumor, sell the news" pattern.

They explained that Bitcoin's price performance will likely remain influenced

by supply-demand dynamics and the ongoing demand

for exchange-traded Bitcoin funds (ETFs), which are essential components

alongside the inherently speculative nature of cryptocurrency markets.

Goldman Sachs :

cautioned against drawing conclusions from previous

Bitcoin halving cycles to predict future cryptocurrency prices.

They highlighted that :

past price movements were likely influenced not only

by the halving of mining rewards but also

by major economic factors. In the current cycle

sustainable gains :

in Bitcoin could depend on significant inflows into ETFs.

The investment bank pointed out that economic contexts during previous

halvings differed from the current environment characterized by high

inflation and interest rates.

Therefore, they stressed the need to be cautious

about assuming historical patterns related to halving

effects given prevailing economic conditions in each cycle.

According to Goldman Sachs' report

the Bitcoin reward halving serves as a "reminder to investors of Bitcoin's limited

supply." Analysts suggested that while the halving event expected next week might

be a "sell the news" occurrence in the short term :

its impact on Bitcoin's medium-term outlook is likely to be less significant.

In conclusion :

they stated that Bitcoin's price performance will continue to be governed

by supply-demand dynamics, alongside persistent demand

for traded Bitcoin funds. Despite expectations of

short-term news-driven events around the halving, industry leaders such as

Bitwise Investments' Matt Hougan and Crypto.com's CEO Kris

Marszalek remain optimistic about Bitcoin's long-term future

Bitcoin Business

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