Binance CEO Is Sure: BTC Halving “Not Priced In Yet”

The CEO of the leading exchange in terms of volume has spoken out and commented on the upcoming Bitcoin halving. The Binance CEO is sure that the price of the dominant coin has not yet adapted to the upcoming block reward halving.

Changpeng Zhao, who is the co-founder and CEO of Binance, has suggested that Bitcoin’s price will see more upwards movement in the future during an interview on February 20. He explained that historically, Bitcoin’s block reward halving events have had a positive impact on the coin’s price.

In the Binance news today, he also spoke about miners and how they have to spend almost two times as much to mine a single coin. Zhao noted that an asset’s price is determined by demand and not the cost of production. He expects that miners will not be willing to sell below the price of production.

Furthermore, Zhao said that another consequence of a lower Bitcoin block reward is less inflation which should help the price rise. He noted that the effects of lower coin production will be augmented by an increasing number of users in the space. As he said:

“The demand side is increasing, the supply side is decreasing.”

However, he also explained that he expects there to be a resistance which will keep Bitcoin’s price around $10,000 for some time. The Binance CEO is sure that “there are psychological barriers around nice round numbers. So 10,000 is a very nice round number, so […] the price will fluctuate back and forth around that a bit.”

While the Bitcoin price just dropped below $10,000 again, the outlook for Bitcoin is mostly positive according to a lot of experts. Recently, the market analyst Keith Wareing said that this week saw Bitcoin ascending its 50-day moving average cross over its 200-day moving average. This rare bullish sign is known in the cryptonews as a “golden cross” and Wareing suggested that BTC can hit $26,000 in two months thanks to a bullish event which previously triggered 170% price gains.

However, events like that are only hypothetical now, especially given the fact that Bitcoin is at $9,600 and in a bearish momentum just like the rest of the marketplace.