Crypto News- Just before the 2024 Bitcoin halving, the cryptocurrency faced intense selling pressure amidst escalating geopolitical tensions. Within a span of 24 hours, Bitcoin’s value dipped below $60,000, only to swiftly rebound, currently resting at a 5.39% increase, valued at $64,510, with a market cap of $1.270 trillion. Despite the frenzy of FUD (Fear, Uncertainty, and Doubt) surrounding this volatility, Bitwise CEO Hunter Horsley exuded unwavering confidence in BTC’s potential to reach $100,000 post-halving.
Horsley’s remarks followed a contrary perspective from banking behemoth JPMorgan, which claimed that the halving’s impact was already factored into Bitcoin’s price, forecasting a downtrend after the event.
BTC Halving 2024: Bitwise CEO Anticipates Bitcoin’s Price Rallying to 100K Dollars
In response, Hunter emphasized that investors are severely underestimating the halving’s significance. He argued that historical data doesn’t support the notion of the halving being fully priced in. He highlighted Bitcoin’s history of delivering substantial returns in the year following halving events, suggesting that a $100,000 valuation is merely a 67% increase from current levels. Horsley articulated, “The halving’s impact hinges on the emergence of significant, sustained new demand, alongside a decrease in the availability of sellers. I anticipate a consistent influx of new demand in 2024, setting the stage for a significant halving effect.”
Regarding the current geopolitical climate, Hunter dismissed it as an insufficient reason to divest from Bitcoin, noting minimal redemptions from long-term investors.
Furthermore, Horsley revealed a burgeoning trend among Registered Investment Advisers (RIAs) and multi-family offices quietly exploring Bitcoin investments. While these entities prefer to keep their involvement discreet, Hunter disclosed encounters with firms progressively integrating Bitcoin into client accounts and investment models.
Rising Institutional Interest: Catalyst for Bitcoin’s Journey to $100K
This covert interest reflects a broader pattern of institutions cautiously entering the cryptocurrency sphere, a trend likely to gain momentum as firms gradually disclose their Bitcoin engagements. The CEO anticipates that Bitcoin’s journey to a new all-time high and its ascent towards $100,000 will unfold amidst increasing institutional adoption, a narrative poised to surprise skeptics.
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