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.
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.
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