The day before Bitcoin‘s expected halving in 2024, its price experienced notable selling pressure due to heightened geopolitical tensions. Within the past 24 hours, Bitcoin’s price dipped below $60,000 but rebounded, currently trading at a 5.39% increase, with a price of $64,510 and a market capitalization of $1.270 trillion. Amid the fear, uncertainty, and doubt (FUD) caused by this volatile price action, Bitwise CEO Hunter Horsley expressed confidence that Bitcoin could reach $100,000 before the halving event.
After JPMorgan, a major banking institution, announced that the upcoming bitcoin halving was already factored in and would likely lead to a continued decrease in Bitcoin’s value following the event on Friday, Hunter made his remarks.
According to Hunter’s perspective, investors are significantly underestimating the impact of the upcoming Bitcoin halving. He pointed out that this event has never been fully factored into the market before, and the same is true this time around. Moreover, Bitcoin has historically brought substantial returns in the 12 months following a halving event. Therefore, Hunter believes that a $100,000 Bitcoin price is only about two-thirds of what we can expect from this event.
I think people are dramatically underestimating the halving.
The market has never priced it in before, and won’t have priced it in this time.
In the 12 months following the last three successive price reductions, during which investors debated for months whether the adjustments had already been factored in, this is what transpired.
— Hunter Horsley (@HHorsley) April 19, 2024
Horsley expressed that the effect of the halving doesn’t rely on the opinions of current maxed-out investors. Instead, it depends on whether there will be substantial and steady new buyers entering the market, along with a decrease in daily supply from regular sellers. Personally, I anticipate consistent new demand in 2024 and believe that this could lead to a significant halving impact.
High Bitcoin Demand among RIAs and Family Offices
The CEO of Bitwise spoke further, stating that political conflicts shouldn’t prompt selling Bitcoin, as there are few requests for withdrawals from long-term investors.
Many RIAs (Registered Investment Advisors) and multi-family offices secretly invest in Bitcoin and carry out studies on it at present. Few among them openly disclose their engagement with the cryptocurrency.
Lately, the CEO has attended some meetings where a major company was discussed, which is integrating Bitcoin into certain customer accounts and considering its significance for their investment strategy. Following this, he had a conversation with a smaller firm that expressed interest in what their bigger counterparts are doing in the cryptocurrency market, questioning if it’s mostly driven by retail investors anymore.
In this scenario, companies are quietly investigating the possibility of investing in Bitcoin. Their CEO believes that eventually, these companies will come out openly about their Bitcoin investments, catching some people off guard.
Right now countless RIAs and multi-family offices are buying bitcoin and doing homework.
Few among them are openly discussing it; you’ll struggle to come across references to it on LinkedIn or company websites.
This week I met with a large…
— Hunter Horsley (@HHorsley) April 19, 2024
I’m curious to find out how long it might take before Bitcoin reaches a new peak price and continues climbing towards the $100,000 mark.
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2024-04-19 11:33