Bitwise CEO Anticipates Bitcoin Price Surge to $100k as Bitcoin Halving Approaches in a Few Hours
Headline: Bitwise CEO Makes Bold Prediction: Bitcoin Could Reach $100,000 After Halving
Introduction:
Excitement is building in the cryptocurrency world as the highly anticipated Bitcoin halving event is just 15 hours away. Bitwise CEO, Hunter Horsley, has made a daring prediction, suggesting that Bitcoin’s price could skyrocket to $100,000 following the halving. However, amidst rising tensions between Iran and Israel, another analyst believes that the price could drop to $55,000.
Bitwise CEO Believes Halving is Underestimated:
In a recent tweet, Hunter Horsley expressed his belief that the potential impact of the upcoming Bitcoin halving is being underestimated by many. He argued that the market has never fully priced in the halving event before, and he expects a similar scenario this time. To support his assertion, Horsley provided historical data from the three previous Bitcoin halvings. In each case, the price of Bitcoin experienced significant increases in the 12 months following the halving.
Historical Data Supports the Prediction:
Horsley pointed out that in 2020, Bitcoin’s price increased by 5.4 times after the halving. In 2016, it surged by 2.8 times, and in 2012, it skyrocketed by a staggering 88 times. Based on this historical trend, Horsley suggested that a price of $100,000 for Bitcoin is potentially achievable, representing a 67% increase from its current value.
Promising Outlook for Bitcoin:
According to Horsley, the impact of the halving depends on two key factors: consistent new demand and a reduction in the daily availability of sellers. He believes that both factors are promising for Bitcoin in 2024, setting the stage for a significant and impactful halving event.
Bitcoin Bulls Defending $60K Support:
Amidst the bullish outlook, crypto trader Zia Ul Haque highlights the importance of key technical levels to watch during these geopolitical tensions. Haque observed that Bitcoin bulls are currently defending the critical support level of $60,000. However, if they fail to sustain this level, the price of Bitcoin may drop to $55,000, potentially triggering a sell-off across the cryptocurrency market.
Current Bitcoin Price and Market Cap:
As of now, Bitcoin is trading at $62,023, with a 1.55% increase over the past 24 hours. Additionally, its market cap has surged to $1.22 Trillion.