21Shares: Post‑Halving Bitcoin Pattern, $100K Year‑End Target

21Shares wrote in a research note that bitcoin’s price action after the April halving “still looks familiar” and projected a recovery to $100,000 by year‑end. The firm described early choppy trading followed by later appreciation as consistent with prior cycles.

The note points to the halving’s effect on supply as a key factor. With the miner reward cut in half, fewer new bitcoins enter the market each day. 21Shares said that if demand remains steady or rises, reduced new issuance can place upward pressure on price over the medium term.

21Shares highlighted institutional interest and the growing availability of regulated exchange‑traded products as potential sources of inflows. The firm cited historical patterns in which periods of rangebound trading after a halving were followed by renewed upward momentum as liquidity and investor sentiment changed.

In the research note the firm reiterated its $100,000 year‑end target while noting that short‑term volatility may continue. The note warned that the pace and size of any rally depend on the balance between supply and demand and on market liquidity.

The research also reviewed historical timing of post‑halving rallies, noting that past price advances unfolded over months to more than a year as conditions evolved. Market participants commonly monitor miner issuance, exchange flows and broader macroeconomic indicators for signs of near‑term price pressure.

21Shares cautioned that factors outside the halving-such as macroeconomic developments, regulatory changes and shifts in investor risk appetite-could affect outcomes. The firm said its forecast assumes continued demand for bitcoin and no major disruptive events that alter investor behavior.

21Shares is a European asset manager that issues regulated exchange‑traded products providing exposure to bitcoin and other crypto assets. The company produces market research and manages funds for institutional and retail investors in regulated markets.