Alex Thorn, an executive at crypto financial services firm Galaxy Digital, believes Bitcoin (BTC) may reach a new record high earlier than in previous cycles.
The head of research at Galaxy Digital tells his 32,700 followers on the social media platform X that Bitcoin may hit an all-time high (ATH) ahead of the scheduled halving event in April.
Historically, Bitcoin hits a new ATH after the halving event, when miners’ rewards are cut in half. However, he believes the recent launch of spot Bitcoin exchange-traded funds (ETFs) are changing the nature of the cycle.
“Although there have only been three halvings, and at 15 years old Bitcoin is still young by the standards of any asset class, some have raised worry that we may be speed-running the ‘cycle’ this time around. I suppose the notion is that the run we’ve seen over the last year might be the bull run, and that the normal course of post-halving bullish cycle may not occur.
If we make a new ATH before the expected halving date of Apr. 20, 2024, that would further exacerbate this view, some say. I’m here to say that I don’t believe that for a second. This time is different. The advent of Bitcoin ETFs in the United States is truly a monumental shift that will disrupt everything we know about Bitcoin price cycles, how to assess holder behavior and intra-crypto rotational dynamics.”
He thinks that Bitcoin may reach a new ATH within weeks while predicting that adoption will continue to keep the cycle booming well past the halving event.
“My answer to that burning question – where are we in the cycle? – is that we haven’t even begun to reach the heights this is likely to go. The ETFs are genuinely a game changer and they are still just getting started. Given the flows we are seeing, both in the ETF complex and through our desk, I think it’s reasonable to see a new all-time high within a matter of weeks.
We’re starting to hear Bitcoin spoken about alongside gold and treasuries as macro hedge assets –just this morning I heard a traditional finance research analyst suggesting Bitcoin is becoming a genuine ‘hedge to fiat debasement’ on national television. Bitcoin is prime time now, and while it might be hard to believe, things are just starting to get exciting.”
Bitcoin is trading for $61,620 at time of writing, just shy of its ATH of about $69,000.
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