In the past week, Bitcoin (BTC) investors saw significant profits as the cryptocurrency surged by 9.34% to surpass $71,000 according to data from CoinMarketCap. Currently, many BTC investors are hopeful for potential substantial gains during the ongoing bull market.

Discussing the near future, Bitwise CEO Hunter Horsley believes that the upcoming halving event, a crucial phase of the bull cycle, could mark a pivotal moment in Bitcoin trading history due to an anticipated substantial reduction in the token's supply.

Bitcoin's Halving Event to Influence Supply Drop and Token Demand - CEO Hunter Horsley

In a recent post on X dated March 29, Hunter Horsley expressed that the Bitcoin Halving event scheduled for April 2024 could have unprecedented effects on supply and demand in Bitcoin's history. The Bitcoin halving occurs every four years, halving the block reward given to BTC miners.

Horsley referenced the previous Halving in 2020 when Bitcoin was priced around $9,000. The Bitwise CEO mentioned that after the Halving, there was a significant reduction in Bitcoin supply, equating to approximately $9 million daily and $3 billion annually.

Given Bitcoin's current value near $70,000, Horsley predicts that the upcoming reduction in supply could be three times larger in terms of dollars, reaching around $32 million daily and $11 billion annually.

As Bitcoin's price increases, Horsley foresees that the considerable drop in Bitcoin's supply will be accompanied by a decrease in selling pressure from miners. Additionally, the Bitwise CEO notes the rising institutional demand in conjunction with this trend.

Overall, Hunter Horsley's observations suggest that Bitcoin is likely to witness a substantial price increase following the Halving event. Earlier in February, he speculated that BTC could reach $250,000 sooner, driven by investor interest prompted by the introduction of the Bitcoin spot ETF.

BTC Price Summary

At present, BTC is trading at $70,000 with a 0.65% decline in the last day. Often referred to as "digital gold," Bitcoin has increased by 10.45% on its monthly chart despite a correction in February.

Meanwhile, BTC's trading volume has dropped by 23.16%, standing at $24.67 billion. With a market cap of $1.1 trillion, Bitcoin remains the largest cryptocurrency globally.