Despite recent market conditions, Hunter Horsley, Bitwise CEO, remains optimistic about Bitcoin’s (BTC) price prospects.
He adds that BTC’s price could reach $100,000 after the halving event. Horsley’s optimistic outlook contrasts with that of banking behemoth JPMorgan. According to JP Morgan, Bitcoin will likely face further downward pressure following the event on Friday.
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
Following recent developments, Horsley shared his thoughts on JP Morgan’s stance, emphasizing that investors are significantly underestimating the impact of the halving. He noted that the market has historically undervalued the significance of the halving event, and this time is no exception.
According to him, BTC has consistently provided significant returns in the year following each halving event. Hence, he believes BTC could reach a $100K valuation, a 67% increase over current levels.
Horsley also pointed out that the perspectives of existing holders do not solely determine the effects of the halving. He opined that the effects depend on the emergence of significant and consistent new demand and reduced daily supply. Horsley remains optimistic about the prospect of sustained new demand for BTC in 2024, paving the way for a significant impact from the halving.
Furthermore, the CEO added that geopolitical tensions should not cause panic selling of BTC, as long-term investors remain stable without significant redemptions. With the halving event imminent, the asset experienced considerable selling pressure due to rising geopolitical tensions, dropping below $60,000 before rebounding.
Meanwhile, the Bitwise CEO observed a growing trend where many RIAs (Registered Investment Advisers) and multi-family offices discreetly invest in BTC. However, only a few have openly discussed their cryptocurrency investments and experiences.
The CEO also disclosed his meeting with a top investment firm actively incorporating BTC into client portfolios and recounted how a smaller firm sought his insights into the dominant investors in the crypto space. The trend reflects a larger pattern in which companies cautiously explore BTC investment opportunities.
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