STORY: Could bitcoin's bumper rally just be getting started this year?
Previous bitcoin halvings in 2012, 2016 and 2020 were followed by massive rallies in its price: a year after the May 2020 bitcoin halving, bitcoin was up more than 545%.
The next halving is currently slated to occur on April 20, per data platform CoinGecko. But this time around, the market is split on whether bitcoin could be in for another meteoric rise.
Speaking to Reuters' Lisa Bernhard, McMillan explained how new spot bitcoin ETFs have helped drive up the price this year, which has since come down from recent highs.
"Bitcoin markets, in particular, are starting to contend with the reality that interest rates are going to be higher for longer. That is repricing risk, and I think that's part of the short term weakness that we're seeing here in Bitcoin."
