Goldman Sachs Analyst said that the April 20th Bitcoin Halving will not play a significant role in the medium to short-term outlook of Bitcoin’s price.

The analyst stated that looking at the current condition, it is highly likely that Bitcoin will go down after the halving has occurred.

Goldman Sachs Analyst Prediction

The analyst stated that while the Bitcoin Halving plays a role in the long-term price movement, it lacks the effect on the medium to short-term movement due to the current economic conditions.

Currently, the whole financial market is affected by global economic and geopolitical conditions, which is why it is unlikely for Bitcoin and crypto to be the only financial asset to go up.

The analyst emphasized more on the macroeconomic condition rather than the geopolitical tension that is currently happening.

It stated that while in the 2023 prediction, most analysts thought that the economy would be better in 2024, all of them seem to be wrong as the current condition continues to worsen this year.

The emphasis is still on inflation, where most countries are still struggling to control inflation, which means that it is still expensive for people to live.

With inflation going up, more people are having a harder time fulfilling their everyday needs, as their purchasing power decreases over time.

This is why it is unlikely that the crypto market will see a sudden influx of buying volume from retailers as most of them are fulfilling their needs first rather than investing.

On the institutional side of things, most are also rebalancing their portfolio, where the inflow of ETFs and other crypto-related products seem to see a decrease, even an increase in outflow.

Bitcoin Price Analysis

This is why the analyst emphasized that the Bitcoin Halving will have little to no impact on Bitcoin’s price, especially in 2024.

The analysis was echoed throughout the Crypto-Twitter community, as most have the same outlook on Bitcoin.

With all these predictions, Bitcoin seems to be heading lower and lower from its all-time price, which is supported by the technical analysis of the weekly time frame.

$BTC’s Chart / Source: Tradingview

Looking at the weekly time frame, it can be seen that the volume of Bitcoin is going down, which is evident from the RSI Indicator.

This is a result of an overbought volume, which usually indicates that in a bigger time frame, Bitcoin will go down.

The current support level of Bitcoin in the weekly time-frame, stands at around the $50,000 mark, which can be a good buying zone when the market crashes.

However, this can also be capitalized by opening a short position, one of which is through Bitrue’s future contracts.

But, it can be seen that the ratio is only 1:2 which is why it might be better to look for other crypto contracts to short wit, since most will go down with Bitcoin.

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