Bitcoin Long-Term Outlook Remains Bullish Despite Selling Pressure Ahead of Halving: Crypto.com CEO
Bitcoin may experience some selling pressure in the lead-up to the highly anticipated halving event, but the long-term outlook remains bullish.
In a recent Bloomberg Television interview, Kris Marszalek, CEO of Crypto.com, acknowledged the possibility of selling pressure in the near term due to the “buy-the-rumor, sell-the-news” trading phenomenon.
However, he emphasized that the halving will have a significant positive impact on the market in the long run.
“Over a longer period, the halving will make a substantial difference and is a positive development for the market.”
Four Days to Next Bitcoin Halving
The next Bitcoin halving is expected to occur around April 20, or in another four days.
The event, which will result in a reduction of new Bitcoin supply, has historically acted as a catalyst for price increases.
#bitcoin halving in 4 days ⏳️
No panic 🤝 pic.twitter.com/r2zmZcleAn
— Emre Crypto-Bist Signal 📈 (@CryptoEmree_) April 16, 2024
However, some skeptics question whether a repeat performance is likely, considering Bitcoin already reached a record high in mid-March.
Marszalek expressed optimism about the six months following the halving, predicting “pretty decent action” in the Bitcoin market during that period.
Despite short-term uncertainties, he remains bullish on Bitcoin’s future and believes that the halving will ultimately drive the digital asset to new heights.
As of now, Bitcoin is trading at $63,403, down by more than 4% over the past day.
The leading cryptocurrency reached an all-time high of $73,750 last month, courtesy of the inflows into spot-Bitcoin exchange-traded funds in the US.
Bitcoin Halving Priced In?
Last week, Marathon CEO Fred Thiel said Bitcoin’s highly anticipated “halving” event may already be partially factored into the market.
“I think the ETF approval, which has been a huge success, has attracted capital into the market and essentially brought forward what could have been the price appreciation we typically would have seen three to six months post halving,” he said in an interview.
“So I think we are seeing part of that now already, and that has put forward some of the demand.”
Likewise, billionaire Arthur Hayes has expressed a cautious view regarding the upcoming Bitcoin halving and the effects it will have on the price of the asset.
While many experts anticipate a significant rally for Bitcoin following the halving event, Hayes believes that the price action before and after the event could actually be negative.
Coinbase has also warned that the time of year could pose challenges for an upward momentum as traders await a price surge ahead of Bitcoin halving.
On the other hand, industry executives, such as Ripple CEO Brad Garlinghouse, remain optimistic.
Garlinghouse predicts that the total market value of cryptocurrencies will double this year, largely driven by spot ETFs and Bitcoin halving.
He believes that the introduction of real institutional money through ETFs is a significant factor contributing to this positive outlook.
“I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money,” he told CNBC earlier this month.
