The chief executive of Crypto.com has warned of some selling coming up as we approach the Bitcoin halving, citing the “buy the rumor, sell the news” strategy. Noting that what’s happening in the bitcoin market currently resembles previous cycles, he stressed: “I personally expect great performance within the next six months.”
Crypto.com CEO: Bitcoin Price Dip Likely After Halving but 'Great Performance' Within 6 Months
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‘There May Be Some Selling Coming Up’
The CEO of crypto trading platform Crypto.com, Kris Marszalek, discussed the potential impact of the upcoming Bitcoin halving and spot bitcoin exchange-traded funds (ETFs) on the price of bitcoin in an interview with Bloomberg on Tuesday.
“I think there’s a general consolidation phase going on right now, which is similar to the previous cycles. I expect pretty decent action within the six months following the Bitcoin halving,” Marszalek said.
Discussing what he expects to happen after the halving given the demand for bitcoin via spot bitcoin ETFs, he said it “improves the overall situation because you’ve got less bitcoin coming into the market that is being sold by the miners … you’re cutting this in half.” However, he cautioned: “It won’t make a difference over a day or two or a week. But over a period of six months, it makes a substantial difference.” He emphasized:
One has to always remember that there is this ‘buy the rumor, sell the news’ kind of thing. As we approach this date, there may be some selling coming up.
Commenting on how spot bitcoin ETFs change the crypto market structure, he affirmed that they “definitely” change it. “Those are flows that were previously not present, so I would say that probably the proportion of bitcoin prices being driven by retail activity or small investor activity versus institutions is changing during the cycle.” He continued: “The things that we should look forward to is the decision-making on bitcoin ETFs and perhaps some other cryptocurrency ETFs or even cryptocurrency in basket ETFs in the future. Because again, this may strengthen the flows.” Earlier this week, Hong Kong gave conditional approvals for asset managers to start spot bitcoin and ether ETFs.
When asked whether he expects the price of bitcoin to keep rallying and what might push the price of BTC higher, the Crypto.com boss replied: “Again I think this is a period of consolidation. We’ve seen exactly this, in fact, happening in the previous cycles, so this is an asset that you want to hold for a very long period of time. You should measure it in years, if not decades. So I strongly recommend everybody who has this kind of time horizon add it to their portfolio.” The executive concluded:
I personally expect great performance within the next six months.
Do you agree with Crypto.com CEO Kris Marszalek about bitcoin and the halving? Let us know in the comments section below.
