Bitcoin Halving Not Priced In, Says Bitwise CEO – BTC To $100,000 Post Halving?
Bitwise CEO say Bitcoin could reach $100,000 as the halving is not priced in.
Key Takeaways
- Bitwise CEO Hunter Horsley anticipates significant post-halving Bitcoin gains.
- Registered Investment Advisers (RIAs) and family offices are quietly increasing BTC investments.
- Hong Kong’s new crypto ETF could catalyze Bitcoin’s rise to $100,000.
Bitwise CEO Hunter Horsley recently expressed optimism about Bitcoin‘s prospects, particularly the upcoming 2024 halving event. Despite JPMorgan’s assertion that the effects of the halving are already reflected in Bitcoin‘s current prices, Horsley believes the market consistently underestimates the impact of BTC halvings. He suggests that Bitcoin could reach $100,000, noting that it typically sees significant gains in the year following a halving.
On the eve of the Bitcoin halving, the cryptocurrency experienced notable price fluctuations, dipping below $60,000 due to geopolitical tensions but quickly recovering to $64,510. Despite this volatility, Horsley maintained a strong outlook for Bitcoin’s future value.
Bitcoin’s $100,000 Target
Additionally, Horsley highlighted the quiet but growing interest in Bitcoin among Registered Investment Advisers (RIAs) and multi-family offices. These groups are discreetly researching and potentially integrating Bitcoin into their investment models with little public discourse.
This trend indicates a cautious but significant engagement with cryptocurrency within professional investment circles. Horsley predicts that the eventual public acknowledgment of these investments could surprise many market observers.
Recently, we also covered Hong Kong’s imminent BTC and ETH spot ETF approval, which will bring exposure to the Chinese market. This alone could serve as a significant catalyst for another rally that can lead the price of Bitcoin to $100,000.
Bitcoin (BTC) Price Analysis
Bitcoin’s price has fluctuated within a symmetrical triangle pattern since its all-time high of nearly $74,000 on March 13 but dropped 17% to $59,500 by April 17. March’s peak was most likely its third wave out of a highest degree five-wave impulse dating from November 2022. This is why the following Bitcoin downturn is counted as the wave four correction, after which we can expect another higher high for BTC.
With Bitcoin priced at $65,270, there are two potential outcomes. The pessimistic view holds that the peak on March 13 was the culmination of the significant uptrend that began in January. This suggests that the current triangle pattern might be a consolidation phase preceding a possible downturn. If this bearish scenario plays out, Bitcoin could fall to $57,000 or even further to $53,500 before this correction ends.
On the other hand, the optimistic scenario sees the triangle as merely a temporary pause and its recent low market completion of the ABC correction. In this case, the nearly 10% recovery from April 17 begins the new expected advancement.
In both cases, we could expect to see higher prices in Bitcoin, but it’s just a matter of timing – did this move begin, or do we still have slightly more room downward before it does? The potential of Bitcoin achieving a $100,000 target would look more likely if the new advancement began, but it is not excluded even if it continues dropping to the $53,500 area.
In the second case, it would need to cover more ground. However, if the sentiment is bullish and there are major inflows, as Horsley suggests, it could still, potentially, reach $100,000.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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