Monday, 24 June 2024
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BitcoinCrypto

Will the Price of Bitcoin Reach $100K or Drop to $55K?

  • According to Horsley, the price of Bitcoin may rise above $100,000 after the half-event.
  • The impact of the halving is being driven by two factors.
  • As of right now, the price of Bitcoin is $62,023, up 1.55% from the previous day.

According to Bitwise CEO Hunter Horsley, the price of Bitcoin may rise above $100,000 after the half event. Horsley thinks that this time, the market will completely account for the halving event, as it has never done so in the past.

He offers historical data from the three Bitcoin halvings that have already occurred, demonstrating a 67% increase in value in the year that follows each halving.

Bitcoin Halving Countdown

According to Horsley, the impact of the halving is being driven by two factors: a decrease in the daily supply of natural suppliers and continuous new demand, both of which seem good for 2024.

Crypto trader Zia Ul Haque cautions, though, that failing to maintain the critical $60,000. Haque cautions that if this level is not maintained, Bitcoin’s price may drop to $55,000 and possibly worsen a wider sell-off in the cryptocurrency sector.

As of right now, the price of Bitcoin is $62,023, up 1.55% from the previous day. With its market capitalization reaching $1.22 trillion, it is clear that the cryptocurrency industry has room to develop and will continue to be resilient.

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