As the cryptocurrency community excitedly awaits Bitcoin’s impending halving, says Bitwise Chief Executive Officer (CEO) Hunter Horsley has examined the impact on BTC and predicted that the event could potentially push prices to $100,000 or even higher.
Horseley expressed his optimistic view of the upcoming Bitcoin halving on the X platform (formerly Twitter). Every four years, the halving has historically been linked to larger price increases, and Horsley’s bullish view indicates that this cycle may be no different from the others.
Bitcoin’s upcoming halving is underestimated
According to the CEO, the highly anticipated event is currently significantly underrated in the crypto space. He claims that the market has never priced it in in the past, and it won’t in this day and age, expressing his confidence in the opportunity.
Horsley emphasized the historical relevance and transformative implications of these events, drawing comparisons with the past Halvings and citing the remarkable gains made by investors in 2020, 2016 and 2012. He stated that after months of investor debate over whether the previous three halvings were priced in, Bitcoin grew by 5.4x, 2.8x and 88x respectively.
Given past price movements, Bitwise’s CEO expects this halving to serve as a catalyst for BTC’s $100,000 target. Horsley’s prediction seems very reasonable, as the figure is about 47% higher than the current price of the digital asset.
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, in addition to the daily decrease in supply from natural sellers, there will also be a significant and sustained increase in demand.
In total the Bitwise The CEO foresees steady growth in demand, along with conditions for a substantial halving this year. As investors prepare for the potential impact of this historic event on Bitcoin’s price trajectory, this bold forecast highlights the possibility of massive price increases not just for BTC, but for the entire cryptocurrency market.
BTC moves to no man’s land
With the halving less than 24 hours away, Cold Blooded Shiller, a cryptocurrency analyst, has done just that reported that Bitcoin has entered no man’s land. “There are some interesting talking points on it BTC right now, but we just entered no man’s land,” he stated.
According to Shiller, he believes the price action is much more unpredictable until contact is made with one of the two green zones highlighted on his chart. Nevertheless, there are some interesting links here for past price action and the Relative Strength Index (RSI).
The analyst claimed that the RSI is currently resetting at the Higher Time Frame (HTF), and the last time this occurred was in January, following a similar breakdown of consolidation that we are seeing now.
While Shiller doesn’t think the results will be the same this time, it’s fair if there isn’t a recovery due to this level of loss.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.