Bitcoin’s Pre-Halving Peril vs. Crypto CEOs’ Optimism

Bitcoin (BTC) is potentially entering a “danger zone” just days before its halving, according to a crypto analyst. In the past, the price of Bitcoin has typically dropped in the 14 to 28 days leading up to its halving. During the 2016 halving, Bitcoin experienced a 40% drop, and in 2020, it fell 20%. The analyst previously predicted a “pre-halving rally” followed by a “pre-halving retrace,” and this prediction came true as Bitcoin surged in mid-February and reached a new all-time high in March. The next halving is expected to occur in about 33 days on April 20.

Despite the upcoming halving, the price of Bitcoin has already fallen 8.5% from its recent all-time high. Some industry leaders remain optimistic about Bitcoin’s future. Binance CEO Richard Teng believes that Bitcoin will continue to break records and surpass $80,000 by the end of the year. He cited institutional investors’ increasing allocation to the cryptocurrency through new exchange-traded funds as a driving factor. Teng acknowledged that there may be price fluctuations along the way, but he sees supply reducing and demand continuing to rise.

Similarly, Crypto.com co-founder and CEO Kris Marszalek stated that Bitcoin’s recent price drop is a healthy correction that removes excess leverage from the market. He noted that his exchange has observed similarities between the current Bitcoin rally and the one in late 2020 and early 2021 when the price rose from under $20,000 to over $60,000. Marszalek believes that Bitcoin’s volatility is relatively low compared to previous cycles and expects a steady increase in price. He emphasized that Bitcoin is an asset meant to be held long-term, not for short-term trading.

Bitcoin is approaching its halving, and historically, its price has experienced a dip in the weeks leading up to this event. Despite a recent decline from its all-time high, industry leaders remain optimistic about the future of Bitcoin. Both the CEO of Binance and the co-founder of Crypto.com expect Bitcoin to break records and climb higher, citing factors such as institutional investor involvement and reduced supply. They acknowledge that there may be price fluctuations along the way, but they anticipate a steady increase in the long-term value of Bitcoin.

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