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Cryptocurrency management company Bitwise CEO Hunter Horsley’s recent comments on the price trajectory Bitcoin (BTC) may follow after its fourth block reward halving have sparked significant interest in the crypto world. In a statement from his personal X account, Horsley expressed his continued bullish outlook on Bitcoin’s potential to reach $100,000 following the expected block reward halving.
“We Are 67% Away from $100,000”
Horsley’s statement that “a $100,000 Bitcoin is 67% away from here” highlighted his belief that the current market sentiment underestimates the potential impact of the upcoming fourth block reward halving, expected today or on April 20th.
Drawing parallels with previous block reward halvings, the Bitwise CEO emphasized the historical significance and transformative effects of these events, pointing to significant returns achieved by investors in 2020, 2016, and 2012.
Horsley claimed that the market has historically failed to fully price in the consequences of block reward halvings, suggesting that similar dynamics are at play in the current climate amid notable price volatility for Bitcoin. Horsley’s potential $100,000 forecast for Bitcoin’s price has fueled optimism among investors and sparked discussions about the impacts of such a milestone.
Demand Must Increase and Selling Pressure Decrease
At the core of the Bitwise CEO’s bullish thesis is the belief that the impact of Bitcoin’s block reward halving will exceed current investor expectations, relying instead on continued demand for the cryptocurrency and reduced selling pressure. He anticipates that demand for Bitcoin will persist until the fourth block reward halving, setting the stage for a significant market response.
Against a backdrop characterized by high volatility, Bitcoin is moving in both positive and negative territories. However, at the time of writing, Bitcoin is trading in the positive zone, showing a modest increase in line with the optimistic sentiments surrounding Horsley’s forecast.
Recent data shows that BTC’s price has risen by 1.20% in the last 24 hours to $62,103. Additionally, data indicates that the largest cryptocurrency has fallen by 12.68% over the last 7 days and by 4.69% over the last 30 days.
