“Halving is not priced”, said BitGo manager: Big changes will be triggered

Matt Ballensweig, who resigned from Genesis company and joined BitGo during the crypto crisis in 2022, stated that the halving, which is eagerly awaited by the cryptocurrency world, is still not priced.

“Look what happened with ETFs”

Speaking to the American media The Block, Ballensweig cited the ETFs approved in the USA in January as an example and said:

“Both investors and traders ask the same question. One wonders whether halving is priced in or not. Spot ETFs were also said to be priced before approval, but what happened? Within 60 days of approval, the price had a massive rally. That’s why I don’t think pricing is coming.”

“Big changes will be triggered”

Ballensweig stated that some events trigger significant changes in the supply-demand dynamics on the boards of exchanges, and he thinks the upcoming halving will do the same:

“Certain events lead to major changes in the supply-demand mechanics of exchange order books. Because when spot Bitcoin ETFs were approved, there was already known, committed capital ready to flow into these products. This caused the offer side to grow. So, regardless of what previous events were, the price went up significantly.”

“Price will increase”

Stating that there will be less daily supply in the exchange order books after the halving, BitGo manager stated that this will push the price up:

“Everyone is trying to position themselves for the halving. After the halving, the daily supply in the stock market order books will decrease. Considering the size of demand, this will push the price up. Because the sales side will be weaker.”

Coinbase analysts think otherwise

The Block asked the same question to David Duong and David Han, two analysts of the Coinbase exchange. Analysts stated that this halving was different from the previous ones and said that the pricing was realized:

“We will experience the only halving in which Bitcoin broke a record before the halving. Therefore, the halving may have been priced in.”

After the halving, which is expected to take place on Saturday (April 20), miners’ rewards will decrease from 6.25 BTC to 3,125 BTC per block.

At the time the news was written, Bitcoin was hovering around $66,400.