Edul Patel, CEO & Co-founder of Mudrex, discussed the complex interplay of market forces post-halving. Bitcoin’s price typically surged after previous halving events, followed by a correction, and historically, halvings have catalyzed bullish cycles. Patel noted that we are currently in Bitcoin’s fifth market cycle, which typically extends beyond the duration of its predecessor, and forecasted a strong likelihood of the bull market persisting after the halving, possibly pushing Bitcoin’s price to $100,000 by year-end.
Patel also highlighted the role of financial instruments in making Bitcoin investment more accessible and expanding the investor base. He projected that the Indian market’s response to the Bitcoin halving would mirror the global trend but with local nuances, as the reduction in supply and the prospect of increased scarcity are expected to enhance Bitcoin’s appeal to Indian investors. Sumit Gupta, co-founder of CoinDCX, echoed similar sentiments, emphasizing the significance of Bitcoin ETFs in boosting adoption and legitimizing the industry for institutional investors in the US.
He predicted that the availability of these financial instruments would catalyze a substantial increase in market activity within India. Furthermore, Rahul Pagidipati, CEO of Zepay, expressed optimism about the growth of the retail sector in the cryptocurrency market following the halving. He highlighted the surge propelled by the optimism around the halving, backed by the availability of reliable exchanges in the Indian market and widespread knowledge dissemination.