Bitcoin has gained over 150% in value in the past year, thanks to the SEC approving new ETFs in the US.
The biggest crypto in the world recently went on a bullish run, even hitting its all-time high of 73,750 dollars. However, the crypto dropped shrewdly in the next few days, trading at 68,280 dollars right now.
As BTC has entered a correction phase, the Crypto.com CEO believes the move is healthy. Kris Marzsalek recently stated that the Bitcoin market has entered a cycle similar to December 2020 and January 2021.
The CEO added that Bitcoin ETFs’ inflows drove the current bull run. The ETF is a successful product, but there is a supply problem, which needs to be reflected in the price, added Kris.
The success of the Bitcoin ETF is evident, as it hit over 1 billion dollars in inflows on March 12. As for the current Bitcoin price prediction, the crypto is expected to go on another bull run after halving. Some experts even believe crypto can hit the 100,000-dollar mark in 2024.
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Kris Marzsalek also believes BTC’s fall from 73,000 to 68,000 dollars is a healthy move. It removes some of the leverage pent up in the market. What the market should avoid is highly aggressive spikes.
A steady stream of inflow is ideal for Bitcoin and the crypto industry as a whole. That can result in a bull run lasting between 12 and 18 months, said the Crypto.com CEO.
While talking about the role of retail parties in Bitcoin’s performance, Marzsalek added that they have a long way to go in the current cycle. The market is sitting on a mountain of proprietary data, specifically the 2021 cycle.
A quick look at the intent and the data will show that the market is probably in the January 2021 or December 2021 pattern, added Marzsalek. The market metrics, according to the CEO, indicate that the options industry is driving the surge. The current level of volatility is quite low compared to previous cycles.
Many users even looked for a Crypto.com review to get a keen look at the platform and how it operates. Given the popularity of the platform, Kris Marzsalek’s word also boasts massive exposure. Thus, a major part of the crypto community is expecting Marzsalek’s predictions to come true.
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As a popular crypto exchange, Crypto.com has over 4,000 employees and 80 million customers. The exchange also has a native token named Cronos. The latest thought by Kris Marzsalek gained traction in the market and even attracted traffic toward the exchange.
