Goldman Sachs: Don't read too much into past bitcoin halving cycles

Goldman Sachs' fixed income, currencies and commodities and equities team said in a note to clients on April 12 that past bitcoin halving cycles should not be read too much, and that the bitcoin halving was "a psychological cue to remind investors of the bitcoin supply ceiling", and that the medium-term outlook depends on ETF adoption. "Whether the bitcoin halving next week will turn into an event of'good news is reflected in advance, and bad news is realized 'is likely to have less impact on the medium-term outlook of bitcoin, as the performance of bitcoin prices is likely to continue to be driven by the above supply and demand dynamics and continued demand for bitcoin ETFs, coupled with the self-reflective nature of the cryptocurrency market, which is the main determinant of spot price movements," the team wrote.