Bitwise Asset Management said that “Bitcoin is in a bull market” and the upcoming halving will be “the most impactful we have seen.”
Bitwise gave a bullish forecast
In a note to investment professionals, Matt Hougan, Bitwise's CIO, noted that in the short term, “Bitcoin appears likely to decline on small changes in sentiment.” He emphasized, however, that looking at the long-term price, we are in a boom phase.
The January launch of spot Bitcoin ETFs significantly opened up the cryptocurrency market to investment professionals for the first time in history.
– he explained.
These investors control tens of trillions of dollars – globally, best estimates are over $100 trillion – and are just starting to move into the cryptocurrency market. This is a process that will take years, not months
– added.
He continued his vision:
Imagine that global wealth managers invest, on average, just 1% of their portfolios in Bitcoin… (…) An allocation of 1% for everyone would mean inflows to this market worth approximately USD 1 trillion.
Hunter Horsley, co-founder and CEO of Bitwise Asset Management, explained on social media platform X this week why he believes the upcoming bitcoin halving will be groundbreaking.
Bitcoin's April 2024 halving could have the biggest impact we've seen. Why?
– He asked.
He added that the last bitcoin halving in 2020 led to a reduction in USD supply of approximately USD 9 million per day and approximately USD 3 billion per year. In turn, the next division of the reward for miners will be approximately 3 times larger in dollar terms: approximately USD 32 million per day and approximately USD 11 billion per year.
Much greater reduction in natural sales, with simultaneous growing demand
– he concluded.
Bitcoin rate
Over the last few hours, the bitcoin price has increased. 1 BTC costs USD 70,300 today, which means a jump of 9% in 7 days and 0.4% since yesterday. There is greed in the market.
