Crypto Analyst Expects Bitcoin Surge Citing Previous Bull Cycles

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Bitwise CEO Bullish On BTC Price To Hit $100K Post-Having – Crypto News

Published

1 year ago

April 19, 2024

Dripp

Bitwise CEO Hunter Horsley’s latest remark on Bitcoin’s price post-halving has stirred up a storm in the cryptocurrency realm today, April 19. In a post shared on X today, the CEO portrayed a sense of retained bullishness on Bitcoin’s potential to hit $100K following today’s halving event, igniting a frenzy among investors despite BTC’s heightened volatility. Here’s a closer look at Hunter Horsley’s bullish stance on BTC post-halving, and why the CEO thinks so.

Horsley Says, “A $100k Bitcoin is 67% From Here”

According to Horsley’s post on X, ‘people are dramatically underestimating the 2024 BTC halving,’ as current market sentiments on the token are mixed, falling in line with BTC price slip to $61K. To this, the CEO compares previous halving events, emphasizing the extent and the potential impact of the upcoming halving, which is poised to take place today, April 19.

Horsley states, “The market has never priced it in before, and won’t have priced it in this time,” underscoring the potential shift in investor sentiments amidst the heightened volatility. Further, he spotlights Bitcoin’s prior halving events, drawing vital attention to key points in the past: 2020, where investors’ gains were multiplied by 5.4x, followed by 2016 and 2012, where gains increased by 2.8x and 88x, respectively.

Concerning this, the CEO proclaimed, ‘A $100k bitcoin is +67% from here,’ nabbing significant investor attention. Simultaneously, this statement ignited a torrent of optimism as Horsley further ruled out vital necessities that underscore a market uptrend for Bitcoin post-halving.

Notably, the impact of BTC halving is not always attributed to the views of fully deployed existing holders. Besides, it’s a function of sustained demand for the token, coupled with reduced selling pressure that fuels a prompt rally in Bitcoin. Regarding this, Horsley added, “I see consistent new demand for BTC ahead in 2024, paving the way for an impactful halving.”

Meanwhile, Bitcoin traded with quite the volatility on its halving day, illustrating a movement in both positive and negative territories. Nonetheless, the token traded in the green as of press time, recording a slight jump that fueled optimism in tandem with the abovementioned bullish stance on BTC.

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Bitcoin Price Jumps As Halving Looms

As of writing, the Bitcoin token’s price jumped 0.55% in the past 24 hours and is currently trading at $62,231. The token’s market cap surged 0.37% today, accompanied by a 24-hour volume upswing of 2.29%. This surge primarily fuels optimism among traders as the BTC halving is all set to take place today. Coupled with the abovementioned anticipation by Bitwise CEO, Bitcoin appears to be creating waves across the crypto space for future a price rally.

Also Read: Fed Rate Cut Delay Sparks Crypto Volatility Concerns Despite Halving