Hedge Fund Manager Predicts Bitcoin Price Rise to $20 – $50K After Halving
Hwang, who also serves as an adjunct professor at Baruch College, published a post to medium explaining what he calls the coming “bitcoin squeeze.”
The hedge fund manager argues that bitcoin’s price has historically responded to halving events in a predictable manner,
Recently, many folks have noticed a pattern to these cycles linked to the bitcoin halving event that happens every 210,000 blocks or approximately every four years.
He continued, adding that historically these halving events haven’t “been properly priced into the market, thus causing a large bull run followed by a bear market.”
Hwang said support for bullish investor behavior is generated by the sudden downward shift in the supply of bitcoin, leading to the possibility for increased demand. He also referenced work by crypto analyst PlanB, who has gained popularity for his application of Stock-to-Flow to bitcoin’s price.
Hwang agrees with PlanB’s prediction that bitcoin’s price will find equilibrium between $50,000 to $100,000, with the possibility of going much higher,
However, I also think the high price in the next bullish rally might exceed his prediction.
The fund manager also believes that bitcoin’s price will stay above its last all-time high of $20,000 when the inevitable bearish pullback occurs.