19 April 2024
As the cryptocurrency community excitedly awaits the impending Bitcoin halving, Bitwise Chief Executive Officer (CEO) Hunter Horsley has weighed in on its impact on BTC, predicting that the event could potentially propel prices to $100,000 or even higher.
Horsley expressed his optimistic outlook toward the upcoming Bitcoin Halving on the X (formerly Twitter) platform. Every four years, the Halving has historically been linked to greater price increases, and Horsley’s upbeat view indicates that this cycle might be no different from the others.
Upcoming Bitcoin Halving Is Being Underestimated
According to the CEO, the much-anticipated event is presently being significantly underestimated in the crypto space. He claims that the market has never priced in it in the past, and it will not be priced in this time either, expressing his confidence toward the occasion.
Horsley highlighted the historical relevance and transformative implications of these occurrences, drawing comparisons with past Halvings and citing the notable profits that investors achieved in 2020, 2016, and 2012. He stated that following months of debate by investors on whether the previous three halvings were priced in, Bitcoin grew by 5.4x, 2.8x, and 88x, respectively.
Given the past price developments, the Bitwise CEO anticipates this Halving to serve as a catalyst for the $100,000 target for BTC. Horsley’s prediction seems very reasonable since the figure is just about a 47% increase from the digital asset’s current price.
It is worth noting that the opinions of fully deployed current holders are not used to measure the impact of the Halving. Rather, it depends on whether there will be a significant and sustained increase in demand in addition to the daily decrease in the supply of natural sellers.
In all, the Bitwise CEO foresees a steady growth in demand along with the conditions for a substantial Halving event this year. As investors prepare for the possible impact of this historic occasion on Bitcoin’s price trajectory, this audacious prognosis highlights the possibility of massive price increases not only in BTC but the entire cryptocurrency market.
BTC Move Into No Man’s Land
With the Halving less than 24 hours away, Cold Blooded Shiller, a cryptocurrency analyst, has reported that Bitcoin has entered No Man’s Land. “There are some interesting discussion points on BTC right now, but we have just entered No Man’s Land,” he stated.
According to Shiller, until one of the two green zones highlighted in his chart is contacted, he believes the price action is far more unpredictable. Nonetheless, there are some interesting links here for former price action and Relative Strength Index (RSI).
The analyst claimed the RSI is currently resetting on the Higher Time Frame (HTF), and the last time it occurred was back in January, following a similar breakdown from consolidation seen now.
While Shiller does not think the results will be the same this time, it’s quite reasonable if no recovery happens due to this degree of loss.