The flagship cryptocurrency, bitcoin, bitcoin-price-nears-38000/” target=”_blank” rel=”nofollow”>is up for more 100% so far this year (YTD). Despite these impressive advances, there are still reasons to believe that the crypto Token Resurgence Isn’t Oversince there could still be bitcoin-to-reach-175k-crypto-expert-predicts-when/” target=”_blank” rel=”nofollow”>new highs before the end of the year according to the analysis of prominent figures in the community.
Will bitcoin reach $69,000 this year?
in a mail shared on its X platform (formerly Twitter), bitcoin-vs-ethereum-trader-predicts-the-winner/” target=”_blank” rel=”nofollow”>Prominent crypto analyst Dave the Wave suggested that bitcoin could reach its previous highs this last quarter of the year. Although he did not indicate which highs exactly, the accompanying chart he shared in the post showed that he was hinting at bitcoin‘s all-time high of approximately $69,000.
A race to the past btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc maximums this last quarter is not unthinkable. pic.twitter.com/INesJPY9ov
– dave the wave (@davthewave) November 9, 2023
This is not the first time the crypto analyst has shared his belief that bitcoin could reach $69,000 this year. In a previous x publicationshared a similar chart, which set a price target of $70,000 based on speculation of “another mini-parabola before the halving.”
It is not unusual that the bitcoin-showing-unprecedented-pre-halving-price-action-heres-what-this-means/” target=”_blank” rel=”nofollow”>market to pump significantly, as historical data suggests. The price of bitcoin has increased significantly before and after each halving event. Prior to the most recent halving event, which took place in 2020, btc rose over 17% in the weeks leading up to it and saw a further 559% surge following the event.
bitcoin (btc) is currently trading at $37.072. Chart: TradingView.com
However, many might argue that a bitcoin-price-all-time-countries/” target=”_blank” rel=”nofollow”>all-time high (ATH) before the halving event, which will take place in April 2024, seems like a long reach, especially if the analyst projects that the new high will occur before the end of this year.
Will bitcoin hit a new all-time high before April?
While reaching a new all-time high before the end of the year seems like a tall order, some prominent figures have nevertheless backed the crypto token to reach a new ATH before April. One of them turns out to be bitcoin OG and Blockstream founder Adam Back. Curiously, return foretold (in August) that btc will reach or even surpass $100,000 before March 31, 2024.
To show how confident he was in his claim, the cryptocurrency founder even went so far as to make a bet with another X user who disagreed with his position. Both agreed wager a bet of 1 million satoshis, and the winner (depending on the price of bitcoin before March 31, 2024) will take it all.
Jan3 CEO and fellow Bitcoiner Samson Mow had also agreed with Back in some ways, as he believe that bitcoin will also reach a new ATH before halving and will not post. However, unlike Back, he did not mention any price targets.
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