CEO Kris Marszalek of Crypto.com maintains optimism for Bitcoin’s long-term growth despite recent sell-offs.
Pre-halving pressure leads to Bitcoin dipping over 5% in 24 hours, reaching $62,500.
Marszalek foresees a significant market turnaround within six months following the Bitcoin halving.
While Bitcoin has encountered significant selling pressures in these few days to the halving, the CEO of Crypto.com, Kris Marszalek, believes this halving event is poised to strengthen the price of BTC over the long haul.
Bitcoin selling may become evident as the date of the so-called halving nears but the event longer term is set to bolster the price of the largest digital asset, according to the head of the https://t.co/1aQemhmjuy exchange https://t.co/wr8efu8iAi
— Bloomberg (@business) April 16, 2024
Marszalek expressed this sentiment in a Tuesday interview on Bloomberg. He affirmed that the Bitcoin market may continue to witness a downturn pre-halving, attributing it to “due to buy-the-rumor, sell-the-news trading.”
Notably, Bitcoin is down again by over 5% in the last 24 hours to $62,500 after briefly rallying to $66K yesterday. On Saturday, the asset crashed by over 10% to retest the $60K range.
However, the Crypto.Com executive expressed conviction that the halving will make a substantial difference and be a positive development for the market over time. In particular, Marszalek suggested a six-month turnaround timeline. “I expect pretty decent action within the six months following the Bitcoin halving,” Marszalek remarked.
Notably, the halving, which diminishes the new supply of Bitcoin, is anticipated to occur around April 20. Following this year’s event, the amount of Bitcoin miners can earn daily for validating transactions will drop from 900 to 450.
Throughout history, Bitcoin and the broader crypto market have established new all-time highs after the halving. For instance, Bitcoin traded at a low of $8,374 on the halving day of May 11, 2020. By November 2021, BTC peaked at $68,789, representing a 721% gain from the halving day low.
In an interview with CNBC last month, Kris Marszalek stressed the long-term perspective of holding BTC, urging market participants to disregard the dips. “This is an asset that you want to hold for decades, not for days or weeks,” Marszalek remarked.
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