The anticipated Bitcoin halving has Bitcoin community members buzzing with excitement. According to Bitwise CEO Hunter Horsley’s perspective, this event could potentially push Bitcoin prices up to $100,000 or more.
On X, formerly known as Twitter, Horsley shared his positive perspective about the upcoming Bitcoin Halving. This event happens every four years and has previously led to significant price hikes in the past. Based on Horsley’s optimistic stance, we can assume that this trend might continue during this cycle as well.
Upcoming Bitcoin Halving Is Being Underestimated
The CEO believes that the highly anticipated occurrence in the crypto world is currently being undervalued. He asserts that this event has never been factored into the market’s price in the past and won’t be this time around. Despite this, he expresses great faith in the upcoming occasion.
Horsley emphasized the significance and far-reaching effects of these events, drawing parallels to past Bitcoin Halvings and sharing examples of substantial gains investors realized in 2020, 2016, and 2012. He explained that after much deliberation among investors regarding whether previous Halvings had already been factored into the price, Bitcoin experienced a surge by approximately 5.4 times, 2.8 times, and 88 times respectively.
Based on historical price trends, the Bitwise CEO believes that the upcoming Bitcoin halving could trigger a rise in BTC‘s value towards $100,000. Horsley’s projection appears plausible as this target represents only a 47% jump from the current bitcoin price.
The opinions of fully deployed current Bitcoin holders don’t determine the effect of the Halving. Instead, it hinges on whether there is a substantial and prolonged rise in demand, coupled with the daily decrease in the number of sellers offering Bitcoin for sale.
The Bitwise CEO anticipates a continuous increase in demand and potentially significant bitcoin halving this year. With investors bracing for potential price fluctuations due to this event, the CEO’s bold prediction implies the potential for substantial price surges not just for Bitcoin but also across the entire cryptocurrency market.
BTC Move Into No Man’s Land
As the Halving approaches in under 24 hours, Cold Blooded Shiller, a cryptocurrency expert, has announced that Bitcoin has moved into unchartered territory. “There are some intriguing debates surrounding BTC at the moment,” he explained, “but we’ve now entered an uncertain phase.”
Based on Shiller’s analysis, the price behavior is considered less predictable before touching either of the two green zones indicated in his graph. However, you may find it intriguing to explore the previous price trends and the Relative Strength Index (RSI) data provided here.
An analyst pointed out that the RSI is presently resetting on the Higher Time Frame (HTF), which last happened in January during a comparable price correction following a period of consolidation. In simpler terms, the RSI indicator is showing signs of resetting on the long-term chart, similar to what occurred back in January after a pause in price action.
Shiller believes that the outcomes may not be identical to past experiences, but it’s not unexpected if there is no recuperation given the extent of the damage.
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2024-04-19 17:10