Today, it is planned to be held on April 19 and created great excitement in the cryptocurrency world. Bitcoin The halving event is very close. Bitwise CEO Hunter Horsley boldly suggested that Bitcoin could rise to $100,000 after the halving. This fueled the expectations in the market.
At the same time, amid escalating geopolitical tension between Iran and Israel, one analyst predicts that the price of Bitcoin could drop to $55,000.
Bitcoin’s Next Stop at $100 Thousand
Bitwise CEO Hunter Horsley expressed in a recent tweet that he believes many people are underestimating the potential impact of the upcoming Bitcoin halving. The market has never fully priced in the halving event before and expects a similar scenario this time. defended.
I think people are dramatically underestimating the halving.
NEWS CONTINUES BELOWThe market has never priced it in before, and won’t have priced it in this time.
For the prior 3 halvings, after investors spent months discussing if it was priced in, here’s what happened in the 12-months after…
NEWS CONTINUES BELOW— Hunter Horsley (@HHorsley) April 19, 2024
Horsley provided historical data from three previous Bitcoin halvings to support his claim. In the 12 months following each halving:
- In 2020, the price of Bitcoin increased by 5.4 times.
- In 2016, the price of Bitcoin increased by 2.8 times.
- In 2012, the price of Bitcoin increased by a staggering 88 times.
Based on this historical trend, Horsley suggested that a BTC price of $100,000 was potentially attainable, representing a 67% increase from its current value.
Promising Outlook for Bitcoin
Horsley emphasizes that the impact of the halving depends on two key factors: the existence of consistent new demand and the reduction in the daily availability of natural sellers. From Horsley’s perspective, there is a promising outlook for both factors in 2024, indicating readiness for a significant and impactful halving event.
Bitcoin Bulls Defend the $60K Level
Amid the bullish outlook, Zia Ul Haque, a prominent crypto trader, highlights key technical levels to watch amid geopolitical tensions. He observed that Bitcoin bulls are trying to defend the important $60,000 support level.
Bitcoin’s current price action with technical levels.
The bulls are trying to defend the 60K level but if they fail to hold amid geopolitical tension, we may visit the 55K level.
Further escalation in war will bring more panic sell-off.
Keep some bids lower on altcoins. pic.twitter.com/Yah6RHEX1y— Zia ul Haque (@ImZiaulHaque) April 19, 2024
Haque said Bitcoin’s price could drop to $55,000 if they fail to maintain that level amid ongoing geopolitical tensions. cryptocurrency He warned that it could further increase sales in the market.
As of now, the price of Bitcoin is trading at $62,023 with an increase of 1.55% in the last 24 hours. Additionally, Bitcoin’s market cap has increased to $1.22 Trillion.
You can access current market movements here.
