A popular cryptocurrency analyst has recently shared a Bitcoin (BTC) price prediction pointing to the $83,000 mark over the next couple of years, based on the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
In a post shared on the microblogging platform X (formerly known as Twitter) with its nearly 200,000 followers, the pseudonymous analyst Rager noted that he believes the price of Bitcoin could move close to the $50,000 level by mid-January, before enduring a pullback that will bring the flagship cryptocurrency closer to the $30,000 mark.
The analyst predicted, however, that Bitcoin’s upcoming halving event expected to occur in April 2024 – which will reduce the coinbase rewards miners earn per block in half – could lead to a rally that leads to a new high late next year.
Rager shared a chart with his post that suggests the price of the flagship cryptocurrency would keep on rising to hit a new all-time high of $83,000 by 2025, with the bull market ending in the third quarter of that year.
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Bullish Bitcoin price predictions have been growing over the last few weeks as anticipation surrounding the potential launch of a spot Bitcoin ETF in the United States grows. Recently, Standard Chartered reaffirmed an earlier forecast that BTC’s price will hit $100,000 by the end of next year.
The bank’s team, led by Geoff Kendrick, suggested that a spot Bitcoin ETF is “likely to come sooner than expected” and noted that they believe a number of these funds will be approved in the first quarter of 2024 for both BTC and ETH.
Earlier, Standard Chartered had forecasted that BTC would hit a value of $120,000 by the end of the next year, attributing this prediction to Bitcoin’s established reputation as a dependable safe haven asset. The bank also underscored that BTC’s dominance in the market continues to hold strong, accounting for approximately 50% of the total market.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/12/bitcoin-btc-price-could-soar-to-83000-by-2025-popular-analyst-suggests/
