We saw recently that Bitcoin successfully went through its third halving this week, with the number of Bitcoin rewarded to ‘miners’ dropping from 12.5 to 6.25. However, we strongly believe that the halving will matter less this time and that Bitcoin prices could be challenged by the macro environment in the near term. The bear steepening of the US yield curve due to the rise in the term premium will weigh on cryptos in 2020. The drop in prices will be a good opportunity to buy Bitcoin for long term investors; we like the 4,000 - 5,000 support zone.
