Over the last week, Bitcoin (BTC) investors enjoyed much profit as the crypto asset gained 9.34% to trade above $71,000 based on data from CoinMarketCap. The BTC market, as a whole, is currently expecting large gains in price from the bullish cycle.
However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event – a key part of the bull cycle – could be the most significant in Bitcoin’s trading history as a result of an impending massive decline in the token’s supply.
Bitcoin Price To Impact Supply Reduction And Token Demand – Bitwise CEO
The aforementioned is a post on X on March 29Hunter Horsley stated that the Bitcoin Halving scheduled for April 20, 2024, could result in the largest supply and demands recorded throughout the history of the asset. In order to provide context Bitcoin halving It is an annual phenomenon where the BTC block rewards are reduced to half.
We’ve never seen anything like it. Why?
Bitcoin’s price was $9,000 in the year 2020 when it was halved. In $ terms, the reduction of supply in bitcoins was about $9M each day.
This halving with Bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a…
— Hunter Horsley (@HHorsley) March 29, 2024
Horsley started his prediction with a reference to the previous halving, which took place in 2020. At that time BTC was trading at $9,000. Bitwise CEO, David Bitwise stated that Bitcoin’s token supply experienced a decline of up to $9,000,000 per day or $3 Billion per year following the Halving Effect.
Horsley, who believes Bitcoin currently trades at $70,000 per coin, estimates the reduction in supply to be approximately three times higher. 31 billion dollars and $32 millions per day.
Horsley says that with a high Bitcoin price, the massive expected decline in Bitcoin supply will also be accompanied by an increased decrease in selling pressure from miners. Bitwise’s CEO noted that the rise of institutional demand will also be a factor in this new development.
Hunter Horsley has highlighted a number of factors that indicate Bitcoin’s price will experience an enormous surge after the Halving. The Bitwise CEO spoke to the media in early February. predicted BTC may reach $250,000 earlier due to investor demand sparked by the Bitcoin Spot ETF.
BTC Price Overview
BTC has been trading for $70,000 at the time this article was written, with a loss of 0.65% on its last day. The highly acclaimed “digital gold” is up now by 10.45% on its monthly chart following the price correction in February,
BTC has seen its trading volume drop by 23,16 % and now stands at $24,67 billion. Bitcoin is the biggest cryptocurrency with a $1.1 trillion market.
Source:| Source: BTCUSDT chart on Tradingview.com
Chart from Tradingview, Featured Image from Forbes
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