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In the lead-up to the ‘halving’ event, Crypto.com CEO Kris Marszalek anticipates a surge in Bitcoin (CRYPTO: BTC) sales. This event, expected to significantly boost Bitcoin’s price over time, is predicted to occur around Apr. 20.
What Happened: The ‘halving’ event decreases the new supply of Bitcoin and has historically been a positive influence on prices. However, there are uncertainties about a repeat performance, considering that Bitcoin already reached a record high in mid-March, reported Bloomberg.
Marszalek proposed that as the ‘halving’ date nears, there could be a rise in selling due to ‘buy-the-rumor, sell-the-news’ trading. Despite this, he is confident that the ‘halving’ event will make a “substantial difference” and is a “positive development for the market” over a longer period.
Inflows into three-month-old spot-Bitcoin exchange-traded funds in the U.S. helped the token reach an all-time peak of $73,798 last month.
Marszalek expressed his anticipation for “pretty decent action within the six months following the Bitcoin halving.”
Why It Matters: The introduction of Bitcoin ETFs has been projected to potentially drive Bitcoin's price to surpass that of gold, according to cryptocurrency analyst Willy Woo. This prediction was made in light of the recent introduction of Bitcoin ETFs.
Despite Bitcoin’s endorsement by investment heavyweight BlackRock Inc, skepticism about the cryptocurrency persists among many finance professionals. This skepticism was expressed at a recent Miami event.
Despite Bitcoin's sharp decline from highs of approximately $70,500 to a low of $62,800, over the weekend, Max Keizer, CEO and Founder of BecauseBitcoin.com, remains optimistic. He urged investors to view the price drop as a healthy shakeout, not a reason to panic.
Price Action: Bitcoin is currently trading at $62,682, experiencing a decline of 1.23% today, yet showing a robust increase of 41.91% year to date, according to the data from Benzinga Pro.
Read Next: Amid Dogecoin Crash, 374 Million DOGE Moved From Robinhood To Unknown Wallet
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