On April 16, 2024 at 2:12 AM, Crypto.com CEO Kris Marszalek shared his prediction of a potential surge in Bitcoin (CRYPTO: BTC) sales leading up to the upcoming ‘halving’ event, which is expected to occur around April 20. The ‘halving’ event is known to decrease the new supply of Bitcoin and can have a positive impact on its price over time.
This event has historically been a bullish indicator for Bitcoin, but there are some uncertainties this time around as the cryptocurrency already reached a record high in mid-March, as reported by Bloomberg. Marszalek believes that as the ‘halving’ date approaches, there could be a rise in selling due to ‘buy-the-rumor, sell-the-news’ trading. However, he remains confident that the ‘halving’ event will have a significant and positive impact on the market in the long run.
In the U.S., the introduction of three-month-old spot-Bitcoin exchange-traded funds has helped the token reach an all-time peak of $73,798 last month.
Looking ahead, Marszalek expects “pretty decent action” in the six months following the Bitcoin halving. This forecast is in line with cryptocurrency analyst Willy Woo’s projection that the introduction of Bitcoin ETFs could potentially drive its price higher than that of gold.
Despite endorsements from investment heavyweight BlackRock Inc, skepticism about Bitcoin still exists among some finance professionals, as seen at a recent Miami event.
The current decline in Bitcoin’s price from highs of around $70,500 to a low of $62,800 over the weekend is viewed by Max Keizer, CEO and Founder of BecauseBitcoin.com, as a healthy shakeout, not a reason to panic.
At the time of writing, Bitcoin is trading at $62,682, down 1.23% for the day but showing a strong year-to-date increase of 41.91%, according to data from Benzinga Pro.
The GPT-4-based Benzinga Neuro content generation system utilizes the Benzinga Ecosystem, including native data and APIs, to create timely and comprehensive stories for our readers. Learn more about how this innovative system works.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
