Over the past week, bitcoin (btc) investors have enjoyed plenty of gains as the crypto asset gained 9.34% to trade above $71,000. bitcoin/” target=”_blank” rel=”nofollow”>based on data from CoinMarketCap. Currently, most of the btc market is very expectant about the possible large price gains that the current bullish cycle could present.
However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event (a key part of the bull cycle) could be the most significant in bitcoin's trading history as a result. of an imminent massive decline in the supply of the token.
bitcoin Price Will Impact Reducing Token Supply and Demand: Bitwise CEO
in a x.com/HHorsley/status/1773745865049723303?s=20″ target=”_blank” rel=”nofollow”>post on x on March 29, Hunter Horsley shared that the bitcoin Halving event scheduled for April 2024 could have the most profound supply and demand effects ever recorded in the asset's history. For context, the bitcoin halving is a phenomenon that occurs every four years in which the block reward for btc miners is cut in half.
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The April 2024 bitcoin halving may be the most shocking we've ever seen. Because?
At the last bitcoin halving, in 2020, bitcoin was at ~$9,000. So the supply reduction in dollar terms was ~$9 million per day and ~$3 billion per year.
This halving with bitcoin ~$70,000, will be >3 times larger in terms of $: ~$32M at…
– Hunter Horsley (@HHorsley) twitter.com/HHorsley/status/1773745865049723303?ref_src=twsrc%5Etfw” rel=”nofollow”>March 29, 2024
Horsley began his prediction by referencing the last Halving in 2020, during which the price of btc was ~$9,000. The CEO of Bitwise 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.
Considering that the price of bitcoin is currently around $70,000, Horsley believes that the expected supply reduction will likely be at least three times greater in dollar terms and is estimated to be 32 million dollars a day and 11 billion dollars.
With a higher bitcoin price, Horsley predicts that the expected massive drop in bitcoin supply will be accompanied by a further decrease in natural selling pressure from miners. Furthermore, the CEO of Bitwise notes that this development will be concise with the current increase in institutional demand.
Overall, all the factors highlighted by Hunter Horsley indicate that bitcoin will likely experience a magnanimous price surge after the Halving event. In early February, the head of Bitwise predicted that btc could reach $250,000 sooner as a result of investor demand driven by the introduction of the bitcoin spot ETF.
btc Price Overview
At the time of writing, btc is trading at $70,000 with a loss of 0.65% in the last day. The widely acclaimed “digital gold” is now up 10.45% on its monthly chart following the price correction in February.
Meanwhile, btc trading volume has decreased by 23.16% and is valued at $24.67 billion. With a market of 1.1 trillion dollars, bitcoin ranks as the largest cryptocurrency in the world.
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btc trading at $69960 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured Image by Forbes, Chart by Tradingview
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.
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