From $35,000 To $500,000? The Bitcoin Rollercoaster This Expert Sees Ahead
25 October 2023 - 2:00PM
NEWSBTC
Stephan Livera, an esteemed host of his namesake podcast and Swan
Bitcoin’s Head of Education, has now provided the crypto community
with projections for Bitcoin’s future trajectory. This week,
Bitcoin experienced a rally that took its price to as high as
$35,000, marking its highest point since May 2022. However, amid
the favorable climate around a potential spot Bitcoin
exchange-traded fund (ETF) approval and institutional adoption,
Livera posits that this surge is merely the precursor to a much
grander bull run. Related Reading: Bitcoin Path To $70,000? Analyst
Shows What This ‘Head And Shoulders’ Pattern Reveals The Potential
Impetus: A Spot Bitcoin ETF Approval of a spot Bitcoin ETF could be
a game-changer for Bitcoin’s valuation, according to Livera.
Conversing with Michelle Makori, the Lead Anchor and
Editor-in-Chief at Kitco News, during the Pacific Bitcoin Festival,
Livera emphasized the possible ripple effects of such an approval.
While murmurs suggest that ETF approval might be on the horizon by
the close of this year, Livera diverges from this sentiment. Livera
anticipates this landmark event to materialize more likely in 2024.
The Head of Education at Swan Bitcoin noted: Although many experts
predict that [a spot Bitcoin ETF] will come in three to six months,
I don’t believe it will happen this year. Next year is the more
likely scenario … in the first or second quarter of 2024, which
would coincide with the halving cycle, which is expected in April.
Notably, a significant event, such as the halving cycle, will
impact Bitcoin’s market dynamics. Historically, this event – which
slices the miners’ reward for new block addition to the Bitcoin
blockchain by half – has spurred price shifts. The upcoming cycle
will set the block reward at 3.125 BTC. This, combined with the
potential spot ETF approval, could catalyze a heightened interest
and influx of investments into Bitcoin, according to Livera.
Projected Peaks And Troughs: The BTC Landscape Livera offers a
roadmap of Bitcoin’s possible pricing journey. The Swan Bitcoin’s
Head of Education foresees a stabilization around the $30,000 mark
shortly, with a potential escalation toward $40,000 as we approach
next year’s halving event. But the real fireworks might commence
after the halving, ushering in a wild bull run. Expounding on
historical trends, Livera shared: Historically, what we’ve seen
around the halving is a bit of a rise into the halving, then a bit
of a selloff after. Six to 12 months out, that’s when the real
crazy bull run happens, and you get 10x or 20x in the Bitcoin price
at that point. This extrapolation by Livera culminates in a
noteworthy prediction for the end of 2024 – a bold ascent, perhaps
reaching roughly $500,000 by 2025 or early 2026, according to the
expert. Related Reading: Will October Be Bitcoin’s Golden Month
Again? A Dive Into A Decade Of Bullish Trends However, the climb
might be coupled with a steep decline. Drawing parallels to gold,
Livera posits Bitcoin could potentially mimic its valuation range.
Livera added, emphasizing the volatility of the crypto domain: It’s
quite possible that Bitcoin comes close to the range of gold, and
that would imply a price in the $500k range. As is a tradition in
this industry, we’ll probably hit that as a blow-off top, followed
by a drop of 80%. So, it might go to $500k and then crash to $100k.
Featured image from Unsplash, Chart from TradingView
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024