- The director of Marathon Digital claims that BTC has already partially priced the halving.
- Other executives disagree and expect BTC to follow the price action of previous cycles.
The current Bitcoin [BTC] market cycle is unique; it hit a new all-time high of $73.7K before the halving. In the previous cycles, an ATH always occurred after the halving.
This begs the question: is Bitcoin’s 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 says said,
“The ETFs, which have been a huge success, have attracted capital to the market and essentially driven forward a price increase that we would typically have seen within three to six months of the halving.”
On the price projection after the halving, Thiel noted that:
“The halving will reduce the supply of Bitcoin by around 450 per day, which will likely have a small impact on price movements.”
In other words, the executive branch expected little impact on the BTC price after the halving.
Bitcoin miner Riot Platforms thinks differently
However, Riot Platforms, another Bitcoin miner, remained bullish after the halving. According to Riot Platform’s CIO: Jason Lesthey are in –
“A bullish scenario for price increases in the coming years.”
That is a long-term projection of BTC after the 2024 halving.
Interestingly, Kris Marszalek, CEO of Crypto.com, noted that the current BTC price action is repeating the previous cycle. In a separate Bloomberg interviewMarszalek claimed,
“I think there is a general consolidation phase going on right now, which is similar to previous cycles. I expect some pretty decent action within six months of the Bitcoin halving.”
However, Marszalek claimed that Bitcoin could be sold before the halving.
Moreover, a spike in shopping promotion can also spoil the fun. A recent AMBCrypto analysis determined that private investors were already in the market.
Based on historical data, the spike in retail interest meant a cycle top was closer than ever. However, whether BTC will provide explosive traction after the halving remains to be seen.