Coinpedia - 4/19/2024 6:49:57 AM - GMT (+0 )
With just 15 hours remaining until the highly anticipated Bitcoin halving event scheduled for today, April 19, excitement is palpable in the cryptocurrency world. Bitwise CEO Hunter Horsley has added fuel to the fire with a bold prediction, suggesting that Bitcoin’s price could soar to $100,000 after the halving.
Simultaneously, amidst rising geopolitical tensions between Iran and Israel, another analyst predicts that Bitcoin’s price could dip to $55,000.
Bitcoin Next Stop To $100kIn a recent tweet, Bitwise CEO Hunter Horsley expressed his belief that many people are underestimating the potential impact of the upcoming Bitcoin halving. He argued that the market has never fully priced in the halving event before, and he anticipates a similar scenario this time.
I think people are dramatically underestimating the halving.
The 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…
— Hunter Horsley (@HHorsley) April 19, 2024
Horsley provided historical data from the three previous Bitcoin halvings to support his assertion. He noted that in the 12 months following each halving:
- In 2020, Bitcoin’s price increased by 5.4 times.
- In 2016, Bitcoin’s price surged by 2.8 times.
- In 2012, Bitcoin’s price skyrocketed by a staggering 88 times.
Based on this historical trend, Horsley suggested that a $100,000 Bitcoin price is potentially within reach, representing a 67% increase from its current value.
Promising Outlook for BitcoinHorsley highlights that the impact of the halving depends on two key factors: the presence of consistent new demand and the reduction in the daily availability of natural sellers. From his perspective, he sees a promising outlook for both factors in 2024, indicating a setup for a significant and impactful halving event.
Bitcoin Bulls Defending $60K LevelIn between the bullish outlook, a prominent crypto trader Zia Ul Haque highlights key technical levels to watch amid geopolitical tensions. He observed that Bitcoin bulls are attempting to defend the crucial support level of $60,000.
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.
— Zia ul Haque (@ImZiaulHaque) April 19, 2024
Keep some bids lower on altcoins. pic.twitter.com/Yah6RHEX1y
Haque warned that if they fail to sustain this level amidst ongoing geopolitical tensions, Bitcoin’s price may drop to $55,000 and could further amplify the sell-off across the cryptocurrency market.
As of now, Bitcoin’s price is trading at $62,023 with an increase of 1.55% over the past 24 hours. Additionally, Bitcoin’s market cap has surged to $1.22 Trillion.
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