Bitwise: Bitcoin is expected to continue testing higher highs in the next 12 months

Bitwise Asset Management has reiterated its bullish view on Bitcoin. Ryan Rasmussen, a researcher at the asset management firm, shared his views on the future of Bitcoin after the fourth halving of the cryptocurrency on Schwab Network on Monday.

Ryan explained that historically, after a halving, there is some consolidation in the industry as some miners are not prepared for the new economic conditions in the mining industry during the halving cycle. Price-wise, we typically see the year before and the year after a halving as the best performing year for Bitcoin in a three or four-year cycle, and this has already happened.

He noted that while there is no guarantee that the same thing will happen in the future, he emphasized that we definitely had a good year before the halving. We bounced back from the low point in 2022, had a good 2023, and had a good start in 2024, and I do think we will continue to test higher highs in 2024 and the year after the halving.