Bullish Bitcoin Halving Impact Yet to Be Realized, According to Leading Analyst

Since Bitcoin (BTC) reached an all-time high (ATH) of $73,750 in March, it has not approached that level again, even with the Bitcoin halving event that occurred on April 20, which reduced the rate at which new coins are generated.

CryptoQuant analyst J.A. Maartunn recently provided insights suggesting a possible future rally for Bitcoin.

Bullish Case for Bitcoin

At present, Bitcoin’s price has fallen by 13.32% from its ATH to approximately $63,716.71. While some may view this as underperformance, Maartunn holds a different perspective. He noted that six months post-halving, Bitcoin’s hash rate has continued to increase.

"Hash Rate is one of Bitcoin’s most fundamental metrics. It measures the total computing power contributing to the network, expressed in TH/s. Currently, it stands at an impressive 683 million TH/s," he stated in a post on social media.

Maartunn also mentioned the ongoing commitment of Bitcoin miners, who persist in their efforts despite the challenges of mining. This ongoing determination to extract the remaining supply of Bitcoin is a key reason for his long-term optimism.

Core Bitcoin Advocates

In addition to Maartunn, there are prominent advocates for Bitcoin who believe the asset is on track to exceed $100,000 soon. MicroStrategy Chairman Michael Saylor, known for his enthusiasm about Bitcoin, recently asserted that "Bitcoin is winning," highlighting the coin’s recent upward movement.

Various companies worldwide are expressing their confidence in Bitcoin’s price potential. For instance, Metaplanet has consistently added to its holdings, acquiring over 100 BTC in recent months.

Moreover, institutional investors are increasingly gaining exposure to Bitcoin through spot Bitcoin ETF products available in the U.S., U.K., Hong Kong, and other regions.