Bitcoin Price Correction of 15-25% Post-Halving Predicted by Delta Blockchain Fund Founder

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Kavita Gupta serves as the Founder and General Partner at Delta Blockchain Fund, bringing over 18 years of investment expertise gained from working at The World Bank, IFC, and the Eric Schmidt Family office. She was among the first to establish a blockchain early-stage fund, ConsenSys Ventures, as well as an accelerator called Tachyon. Notable initial investments by Kavita include Polygon, Starkware, Quantstamp, and Sorare, expanding her portfolio to over 100 companies.

Furthermore, Kavita holds a visiting scholar position at Stanford University, where she instructs the “Beyond Bitcoin” course. Simultaneously, she acts as an advisor for various organizations, such as the Hus Institute, UNICEF’s Giga project, Katapult investment fund, and the International Emmys. In 2015, her groundbreaking work earned her the UN Innovation Award for her involvement in establishing green and social impact bonds.

On April 15, 2024, Gupta made an appearance on CNBC’s “Squawk Box” program to delve into the latest trends shaping the cryptocurrency market. Among these topics were the upcoming Bitcoin halving, anticipated around April 19-20, 2024, and other significant influences impacting the crypto market scene.

Gupta started by discussing the recent volatile movements in the cryptocurrency market over the weekend, caused in part by geopolitical clashes between Iran and Israel and tax-induced selling. She pointed out that these events created a crunch in available funds for trading, resulting in a temporary price drop.

The geopolitical tensions and impending tax deadlines in the U.S. caused market instability, according to her explanation. Yet, she noted that crypto prices rebounded after the initial drops due to favorable news like the Hong Kong approval of Bitcoin and Ethereum ETFs, which boosted investor confidence once more.

Today, as reported by CryptoGlobe earlier, the securities regulatory body in Hong Kong has given its green light for the first Bitcoin and Ethereum exchange-traded funds (ETFs). According to Nikkei Asia, two financial institutions based in Hong Kong, Bosera Asset Management and China Asset Management, have announced they have obtained the necessary approval from the Hong Kong Securities and Futures Commission (SFC) to launch these ETFs.

During March and April, Gupta noted, liquidity often becomes scarce because of tax filings. People may discover they owe more taxes than they had expected, resulting in reduced funds available for trading. This regular occurrence could cause considerable price fluctuations in the cryptocurrency market, according to her belief.

When talking about Bitcoin’s halving, Gupta explained that this occurrence typically leads to an increase in Bitcoin’s price because fewer new coins are produced. Yet, she cautioned that the market might have already factored in this event since it is widely publicized and expected, potentially reducing its impact on the price.

Gupta shared her perspective that the market might experience a decline, predicting a possible decrease of between 15% and 25%. She explained this anticipated downturn by considering two contributing factors: the market’s preparation for an upcoming event and persistent economic pressures from outside sources.

Looking ahead, Gupta was optimistic about the long-term prospects of the cryptocurrency market.

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2024-04-15 16:34