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Over the last week, Bitcoin (BTC)\u00a0 investors enjoyed much profit as the crypto asset gained 9.34% to trade above $71,000 based on data from CoinMarketCap<\/a>. Currently, most of the BTC market is highly expectant of the potential large price gains that the current bull cycle could present.\u00a0<\/span><\/p>\n However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event \u2013 a key part of the bull cycle \u2013 could be the most significant in Bitcoin\u2019s trading history as a result of an impending massive decline in the token\u2019s supply. In a post on X on March 29<\/a>, Hunter Horsley shared that the Bitcoin Halving event slated for April 2024 could have the most profound supply and demand effects recorded ever in the asset\u2019s history. For context, Bitcoin halving<\/a> is a phenomenon that occurs every four years in which the block reward for BTC miners is reduced by half.<\/span><\/p>\n The April 2024 Bitcoin halving may be the most impactful we\u2019ve seen. Why?<\/p>\n The last Bitcoin halving, 2020, Bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year. <\/p>\n This halving with Bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a\u2026<\/p>\n \u2014 Hunter Horsley (@HHorsley) March 29, 2024<\/a><\/p>\n<\/blockquote>\n Horsley began his prediction by referencing the last Halving in 2020, during which BTC\u2019s price was ~$9,000. The Bitwise CEO stated that Bitcoin experienced a significant decline in token supply following the Halving effect, to the tune of ~$9 million per day and ~ $3 billion per year.<\/span><\/p>\n Considering that Bitcoin\u2019s price currently hovers around $70,000, Horsley believes that the expected supply reduction will likely be at least three times larger in dollars and is estimated to be <\/span>$32 million per day and $11 billion.\u00a0<\/span><\/p>\n With a higher Bitcoin price, Horsley predicts that the expected massive decline in Bitcoin\u2019s supply will be accompanied by a greater decrease in natural selling pressure by miners. In addition, the Bitwise CEO notes this development will concise with the current rise in institutional demand.<\/span><\/p>\n Generally, all factors highlighted by Hunter Horsley indicate that Bitcoin will likely experience a magnanimous price surge following the Halving event. Earlier in February, the Bitwise boss predicted<\/a> BTC could attain $250,000 sooner as a result of investor demand driven by the introduction of the Bitcoin spot ETF. At the time of writing, BTC is exchanging hands at $70,000 with a 0.65% loss on the last day. The widely acclaimed \u201cdigital gold\u201d is up now by 10.45% on its monthly chart\u00a0 following the price correction in February,<\/span><\/p>\n
<\/span><\/p>\nBitcoin Price To Impact Supply Reduction And Token Demand \u2013 Bitwise CEO<\/span><\/h2>\n
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<\/span><\/p>\nBTC Price Overview<\/span><\/h2>\n