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The Bitcoin halving event, scheduled for today, April 19, has sparked anticipation among investors. Bitwise CEO, Hunter Horsley, has expressed a bullish outlook on the price of BTC, stating that he expects it to reach $100k following the halving.
Horsley’s optimism is based on his belief that previous halving events were not fully priced in by the market, leading to significant price increases. He points to the gains seen after the 2020, 2016, and 2012 halvings, which ranged from 2.8x to 88x. Based on this historical data, Horsley suggests that a $100k Bitcoin is only 67% away from the current price.
However, Horsley also acknowledges that the impact of the halving is not solely dependent on existing holders. Sustained demand for Bitcoin and reduced selling pressure are key factors that can fuel a rally in the token. Horsley believes that there will be consistent new demand for BTC leading up to the 2024 halving, paving the way for another impactful event.
On the day of the halving, Bitcoin experienced volatility but ultimately traded in the green, recording a slight jump in price. As of now, Bitcoin is trading at $62,231 with a market cap increase of 0.37% and a 24-hour volume upswing of 2.29%. These positive movements, coupled with Horsley’s bullish stance, have fueled optimism among traders for a future price rally.
This article was updated 7 months ago
