Bitcoin Halving: Bitwise CEO Bullish On BTC Price To Hit $100K Post-Having

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On April 19, 2021, remarks from Bitwise CEO Hunter Horsley about Bitcoin‘s price after the halving have generated significant buzz in the cryptocurrency community. In a recent post, Horsley expressed his continued optimism that Bitcoin could reach $100,000, despite the digital currency’s increased volatility following today’s halving event. Let’s delve deeper into why Hunter Horsley is so bullish about Bitcoin’s future.

Horsley Says, “A $100k Bitcoin is 67% From Here”

In Horsley’s post on X, it is stated that there is a significant underestimation of the 2024 Bitcoin halving based on current market perceptions and the recent drop in BTC price to $61K. The CEO then draws comparisons to past halving events to highlight their impact, reminding us that this upcoming event, scheduled for April 19, is a significant occurrence not to be overlooked.

Horsley expresses that the market has never valued Bitcoin in this way before, and likely won’t during this period, suggesting a possible change in investor attitudes due to increased market volatility. He also highlights significant past occurrences of Bitcoin halving events, emphasizing their impact: in 2020, investors saw a 5.4x return on their investment; in 2016 and 2012, gains were multiplied by 2.8x and 88x respectively.

The CEO made a bold prediction, stating that the price of bitcoin could reach $100,000, which is 67% higher than its current value, attracting considerable interest from investors. At the same time, Horsley’s remarks fueled optimism as he dismissed key factors that usually signal a bullish market trend for Bitcoin following its halving event.

The effect of Bitcoin’s halving on its price isn’t solely determined by the opinions of existing holders who have already put their coins to use. Instead, it also depends on the continuous desire for the cryptocurrency and decreased incentive to sell, which can lead to a quick increase in Bitcoin’s value. Horsley further mentioned that there will be persistent demand for Bitcoin in 2024, setting the stage for a significant impact from the upcoming halving event.

During Bitcoin’s halving event, there was significant price fluctuation. The cryptocurrency moved between positive and negative territories, demonstrating volatility. However, at the time of reporting, Bitcoin had gained slightly and was trading in the green. This small increase added to the existing optimistic outlook for Bitcoin.

Bitcoin Price Jumps As Halving Looms

Currently, the cost of a single Bitcoin token has risen by 0.55% over the last 24 hours and is now being sold at $62,231. Additionally, the market capitalization of Bitcoin has experienced a growth of 0.37% within this timeframe. The trading volume for Bitcoin in the past 24 hours has also significantly increased by 2.29%. This upward trend in Bitcoin is generating excitement among traders due to the upcoming halving event. Furthermore, the prediction made by the Bitwise CEO is contributing to the belief that Bitcoin’s price could continue to rise.

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2024-04-19 10:15