Bullish Forecast: Analyst Predicts Surge To $88,000 As Bitcoin Hits Highest Level In Two Years
28 Februar 2024 - 3:00AM
NEWSBTC
With Bitcoin recently surpassing the $57,000 mark, marking its
highest level since 2021, a surge in bullish outlook among analysts
and experts has emerged. Bitcoin To $88,000 Among them is Ryan
Rasmussen, a Senior Crypto Research Analyst at Bitwise, who
recently shared his insights during an interview with Yahoo
Finance. Rasmussen projected a bullish trajectory for Bitcoin,
foreseeing a potential price surge to $88,000 by the close of 2024.
According to Rasmussen, Bitcoin trading at this price mark is
possible, citing factors such as excitement and bullish sentiment
surrounding the upcoming halving event and future traders taking
bullish positions. Related Reading: Bitcoin Spot ETF Inflows Eye
New Record As BTC Price Touches $57,000 Rasmussen noted, disclosing
Bitwise’s prediction for 2024: We think that Bitcoin will certainly
set all time highs in 2024. That previous price is right around
$69,000 but we don’t think its going to stop there, we think we’ll
at least see a 10% to 15% bump over the last all time highs in
2024. That will take us to the mid $80,000 range so I think our
target was $88,00 by 2024, and I’m still sticking by that. Despite
Bitcoin trading below Rasmussen’s projected $88,000 mark, it
maintains a bullish trend, with recent highs surpassing $57,000.
Other analysts, including legendary trader Peter Brandt, share this
optimism and predict a $200,000 target for the current bull market
cycle. Additionally, crypto analyst Ali has identified a “megaphone
pattern” on Bitcoin’s daily chart, suggesting the potential for a
substantial rally towards $60,520 if $50,000 to $53,000 price
levels are maintained. Ethereum’s Momentum Surges Notably, aside
from Bitcoin, Rasmussen also talked about Ethereum. So far,
Ethereum’s price has outperformed that of Bitcoin. Rasmussen
attributed this surge in Ethereum’s value to speculation
surrounding approving a spot Ethereum exchange-traded fund (ETF) in
the US and the DenCun upgrade scheduled for March, which is
expected to reduce transaction costs. However, regardless of
Ethereum’s optimism, Rasmussen cautioned that the approval of
Ethereum spot ETFs might not be as straightforward as BTC spot
ETFs. He pointed out the reluctance of the US Securities and
Exchange Commission’s Chair, Gensler, towards spot Bitcoin ETFs,
suggesting a similar stance towards Ethereum. Rasmussen also noted
that the recent Grayscale lawsuit may not have the same positive
impact on Ethereum spot ETF approval as it did for Bitcoin. Looking
ahead, he estimated a 50% chance of approval or rejection for
Ethereum spot ETFs in May. Related Reading: Can Ethereum Touch
$4,000? Crypto Analyst Says ETH Rally Far From Over The
introduction of BTC spot ETFs has already significantly impacted
the market, with billions flowing into spot Bitcoin ETFs. Should
Ethereum spot ETF get approved, Rasmussen anticipates a similar
demand for Ethereum spot ETFs, which could drive buying pressure
and potentially increase prices. Featured image from Unsplash,
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