Galaxy Digital, a company led by billionaire Mike Novogratz, points out a departure from past trends in Bitcoin halving events. According to the company, Bitcoin has not reached a new peak before the upcoming halving, which could affect future price predictions.

In contrast to previous cycles, Bitcoin did not achieve an all-time high after the latest halving. The price of Bitcoin reached $73,737 on March 14, just before the halving, when miner rewards dropped from 6.25 BTC to 3.125 BTC. This is currently 5.9% lower, eight days before the halving, marking a significant difference from past post-halving surges.

Galaxy Digital suggests that the launch of Bitcoin exchange-traded funds (ETFs) in January may have influenced the market conditions, creating a new demand anchor that affects Bitcoin price behavior differently than in previous halving events.

Novogratz also addresses broader economic issues, such as the U.S. debt deficit. He advocates for significant reductions in federal spending and increased taxes on the wealthy to manage the growing national debt, which currently stands at $44 trillion and could reach $37 trillion without intervention. Novogratz argues that these economic challenges underscore the importance of considering Bitcoin as an investment asset as financial instability increases.

The introduction of Bitcoin ETFs has further fueled the debate on Bitcoin's value. Coinbase states that these financial products have sparked renewed interest in cryptocurrency. Despite the small sample size of previous halvings, business leaders remain optimistic. Ripple CEO Brad Garlinghouse even predicted that Bitcoin could reach a value of $5 trillion this year.