The halving is upon us. In approximately 320 days, Bitcoin’s block rewards will be halved from 6.25 BTC per block to 3.125. The halving reduces the new supply of Bitcoin entering the market and is often viewed as a market-wide bullish catalyst. It is reasonable to assume that if demand remains the same and supply decreases, the price of BTC should go up. As Bitcoin is the largest coin by market cap, a strong Bitcoin often acts as a tailwind for the broader crypto market.

Of course, the past does not necessarily predict the future. The prior halvings occurred in a different macro environment when crypto was still a niche market and arguably so small that macro events like interest rates had little impact. Now, Bitcoin has entered the mainstream, macro events impact it, regulators grapple with it, and the future is a vast unknown.

That is where this report will focus — on Bitcoin’s future.