Is Bitcoin too centralized now to succeed? Binance’s grip raises new red flags!
- Marathon Digital executive claims BTC has already partially priced the halving.
- Other execs disagree and expect BTC to follow previous cycles’ price action.
The current Bitcoin [BTC] market cycle is unique; it hit a new all-time high of $73.7K before the halving event. In the previous cycles, an ATH always happens post-halving.
This begs the question: Is the Bitcoin halving already priced?
In an interview with Bloomberg last week, Fred Thiel, the CEO of BTC miner Marathon Digital, claimed that the current BTC price has already partially priced in the halving.
Citing the success and capital flows of new spot BTC ETFs, Thiel said,
“The ETFs, which have been a huge success, have attracted capital into the market and essentially brought forward what could have been price appreciation we typically would have seen in 3 to 6 months post-halving.”
On the post-halving price projection, Thiel noted that,
“The halving will reduce the supply of Bitcoin by about 450 per day, which will have some small impact on price movements probably.”
In other words, the executive expected little impact on the BTC price after halving.
Bitcoin miner Riot Platforms thinks otherwise
However, Riot Platforms, another Bitcoin miner, remained bullish post-halving. According to Riot Platform’s CIO, Jason Les, they’re in –
“A bullish scenario for price appreciation in the years to come.”
That’s a long-term BTC projection after the 2024 halving.
Interestingly, Crypto.com CEO, Kris Marszalek, noted that the current BTC price action is repeating the previous cycle. In a separate Bloomberg interview, Marszalek asserted,
“I think there’s a general consolidation phase going on right now, which is similar to the previous cycles. I expect a pretty decent action in six months following the Bitcoin halving.”
However, Marszalek claimed that Bitcoin could see selling ahead of the halving.
Additionally, a spike in retail action could also spoil the fun. A recent AMBCrypto analysis established that retail investors were already in the market.
Based on historical data, the spike in retail interest meant that a cycle top was closer than ever. However, whether BTC will front explosive traction post-halving remains to be seen.
