As the cryptocurrency community eagerly awaits the imminent bitcoin halving, Bitwise CEO hunter horsley has weighed in on its impact on btc, predicting that the event could push prices to $100,000 or even higher.
Horsley x.com/HHorsley/status/1781150144546955281″ target=”_blank” rel=”nofollow”>voiced his optimistic outlook towards the upcoming bitcoin halving on the x platform (formerly twitter). Historically, every four years, halvings have been linked to larger price increases, and Horsley's optimistic view indicates that this cycle might be no different from others.
The upcoming bitcoin halving is being underestimated
According to the CEO, the long-awaited event is being significantly underestimated in the crypto space. He states that the market has never priced it in the past and that it will not do so at this time either, expressing his confidence in the occasion.
Horsley highlighted the historical relevance and transformative implications of these events, drawing comparisons with the past. Reduce by halfs and citing the notable gains investors made in 2020, 2016 and 2012. He stated that after months of debate by investors over whether the three previous halvings were priced in, bitcoin they grew 5.4x, 2.8x and 88x, respectively.
Given past price developments, the Bitwise CEO anticipates that this Halving will serve as a catalyst for the $100,000 target for btc. Horsley's prediction seems very reasonable as the figure represents an increase of approximately 47% from the current price of the digital asset.
It is worth noting that the opinions of the current fully deployed incumbents are not used to measure the impact of the Halving. Rather it depends on whether there will be a significant and sustained increase in demand on top of the daily decline in supply from natural sellers.
In total, the Bit by bit The CEO foresees continued demand growth along with conditions for a major halving event this year. As investors prepare for the possible impact of this historic occasion on bitcoin's price trajectory, this bold forecast highlights the possibility of massive price increases not only in btc but across the entire cryptocurrency market.
btc moves to no man's land
With less than 24 hours to go until the halving, Cold Blooded Shiller, a cryptocurrency analyst, has x.com/ColdBloodShill/status/1780782247466926154″ target=”_blank” rel=”nofollow”>reported that bitcoin has entered no man's land. “There are some interesting points of discussion about btc right now, but we have just entered no man's land,” he said.
According to Shiller, until you contact one of the two highlighted green zones on your chart, you believe the price action is much more unpredictable. However, here are some interesting links on the previous price action and the Relative Strength Index (RSI).
The analyst stated that the RSI is currently resetting on the Upper Time Frame (HTF), and the last time it occurred was in January, following a similar breakout of the consolidation seen now.
While Shiller doesn't believe the results will be the same this time, it is quite reasonable that no recovery will occur due to this degree of loss.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
