Analysts have recently focused on bitcoin's potential trajectory following its anticipated halving event. Adrian Zduńczyk, a prominent cryptocurrency trader, has shared a bullish outlook, suggesting that bitcoin could hit new all-time highs after the halving.
Zduńczyk's shared projections for X depend on favorable market conditions and fundamental financial developments.
bitcoin's bright prospects
The beginning of 2024 has already seen a positive trend for bitcoin, reflecting growing confidence among investors. Zduńczyk links this optimism to a parallel move in traditional markets, particularly the S&P 500, which is expected to return 12.8% in January.
This positive stock market trend is seen by analysts as a potential catalyst for increased capital inflows into bitcoin, reinforcing the correlation between the cryptocurrency and US stock markets.
3/ With an abnormally strong +12.8% estimated S&P return and strong correlation, btc should receive additional reinforcement from the stock market's bullish outlook.
Besides, btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btcThe weekly chart shows support at $30,000, with rising 50-week and 200-week trends. Resistance at $48,000-$50,000.
Also, … pic.twitter.com/Ffh8Mq74OS
– Adrian Zduńczyk, CMT (@crypto_birb) January 1, 2024
The upcoming halving event in April, a significant development in the bitcoin ecosystem, is another factor fueling Zduńczyk's decision. bullish predictions. This event, which halves the reward for bitcoin mining, historically triggers a surge in the price of bitcoin by limiting new supply entering circulation.
Analysts like Zduńczyk see this as a key moment that could propel bitcoin to unprecedented heights. Added to this optimistic scenario is the growing speculation surrounding the approval of a bitcoin spot ETF in the United States.
According to Zduńczyk, this approval could funnel trillions of dollars into the cryptocurrency market, marking a major milestone in institutional adoption.
Experts anticipate that the United States Securities and Exchange Commission (SEC) may technology/bitcoin-etf-approval-expected-soon-here-is-what-it-means-18700151.htm” target=”_blank” rel=”nofollow”>give the green light soon to an ETF of this typewhich could have profound implications for bitcoin valuation and market dynamics.
bitcoin Trajectory 2024: Analysts Project Sky-High Valuations
Forecasts for the price of bitcoin following the upcoming halving and spot approval of the bitcoin ETF in the US vary, with some analysts setting ambitious targets. CoinShares' James Butterfill predicts a potential rise to $80,000, while Nexo's Antoni Trenchev sees a rise to $100,000.
Venture capital firm CoinFund, through its managing partner Seth Ginns, sets an even higher expectation, projecting that the value of bitcoin will range between $250,000 and $500,000 in 2024.
Ginns attributes this to a combination of factors, including the early approval of spot ETFs in the US and a declining correlation with traditional economic indicators such as the dollar and real yields.
bitcoin is experiencing an uptrend, breaking a significant threshold by trading above $45,000 for the first time since April 2022. The asset has seen a 6% rise in the last 24 hours and a 6.1% rise over the last 24 hours. last week.
Notably, btc trading volume has seen a substantial increase, rising from $13 billion on Monday to over $33 billion today.
Featured image from Unsplash, chart from TradingView
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