As the clock ticks down to the eagerly awaited Bitcoin halving event slated for April 19, anticipation is running high in the cryptocurrency realm. Bitwise CEO Hunter Horsley has stirred the pot with a bold proclamation: he believes Bitcoin’s price could skyrocket to $100,000 post-halving.
However, amidst this optimistic outlook, another analyst warns of potential turbulence, suggesting Bitcoin’s price might dip to $55,000 amid geopolitical tensions in the world.
Horsley’s Optimistic Outlook
In a recent tweet, Bitwise CEO Hunter Horsley voiced his conviction that many are overlooking the potential impact of the upcoming Bitcoin halving. He argues that historically, the market has never fully factored in the halving event beforehand, and he expects a similar scenario this time.
Horsley provided historical data from the three previous Bitcoin halvings to support his assertion. He noted that in the 12 months following each halving:
- 2020: Bitcoin’s price surged by 5.4 times.
- 2016: Bitcoin’s price saw a 2.8-fold increase.
- 2012: Bitcoin’s price skyrocketed by a staggering 88 times.
Based on this historical pattern, Horsley suggests that a $100,000 valuation for Bitcoin is potentially within reach, representing a remarkable 67% surge from its current value.
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What’s Driving the Predictions?
Horsley emphasizes that the halving’s impact hinges on two crucial factors: sustained new demand and a reduction in the daily availability of natural sellers. He contends that both factors appear promising in 2024, setting the stage for a potentially significant halving event.
Defending Against Uncertainty
Amidst the optimism, prominent crypto trader Zia Ul Haque highlights critical technical levels to watch amidst escalating geopolitical tensions. Haque notes that Bitcoin bulls are currently defending the crucial support level of $60,000.
However, Haque cautions that failure to uphold this level amidst geopolitical turmoil could see Bitcoin’s price retreat to $55,000, potentially exacerbating a broader sell-off across the cryptocurrency market.
At present, Bitcoin is trading at $62,023, marking a 1.55% increase over the past 24 hours. Furthermore, Bitcoin’s market capitalization has surged to $1.22 trillion, showcasing the continued resilience and growth potential within the crypto space.
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