Because the SEC has approved new ETFs in the US, the value of Bitcoin has increased by over 150% in the last year. The largest cryptocurrency in the world just had a bullish run that saw it reach an all-time high of 73,750 dollars. But over the next two days, the cryptocurrency made a calculated decline, currently trading at 68,280 USD.
Since Bitcoin has entered a correction phase, the CEO of Crypto.com thinks this is a good thing. According to a recent statement by Kris Marzsalek, the Bitcoin market has entered a cycle that is comparable to December 2020 and January 2021.
The CEO also said that the recent bull run was driven by inflows into Bitcoin ETFs. According to Kris, the ETF is a profitable product, but there is a supply issue that must be taken into account when setting the price.
The Bitcoin ETF is successful, as seen by the nearly $1 billion in inflows it saw on March 12. According to current price predictions, Bitcoin is anticipated to see another bull run following its halving. In 2024, some experts even predicted that cryptocurrency would reach a $100,000 value.
Kris Marzsalek thinks it’s a good thing that Bitcoin dropped from $73,000 to $68,000. It releases a portion of the market’s stored leverage. The market ought to stay away from extremely violent increases.
For Bitcoin and the cryptocurrency market overall, a consistent flow of new investors is desirable. The CEO of Crypto.com said that this might lead to a bull run that lasts for 12 to 18 months.
Marzsalek noted that there is still more work for retail parties in the present cycle while discussing their contribution to Bitcoin’s performance. The market has access to a tonne of confidential data, particularly cycle 2021.
Marzsalek continued, “A cursory examination of the intent and the data will show that the market is most likely in the January 2021 or December 2021 pattern.” The CEO claims that the options business is driving the increase based on market measures. When compared to earlier times, the current degree of volatility is fairly modest.
In order to have a close look at the site and how it functions, several people even looked for a Crypto.com review. Due to the platform’s widespread use, Kris Marzsalek’s name also enjoys extensive exposure. Thus, a sizable portion of the cryptocurrency community anticipates that Marzsalek’s forecasts will materialize.
Crypto.com is a well-known cryptocurrency exchange with 80 million users and more than 4,000 staff members. Additionally, Cronos, a native token of the exchange, exists. Kris Marzsalek’s most recent idea took off in the market and even brought customers to the exchange.