Bitcoin (BTC) Price Prediction to $40K in 2023? This Analyst Chips In
TL;DR
- BTC Resilience and Growth: Bitcoin has shown remarkable resilience, recently surpassing $38,500. Analyst KALEO predicts it could reach $45,000 by early December, following a potential brief drop to around $34,000.
- $100K Prediction for 2024: Geoff Kendrick from Standard Chartered forecasts Bitcoin could hit $100,000 in 2024, citing factors like Bitcoin’s rising dominance, the April 2024 Bitcoin halving, and the potential launch of the first spot BTC ETF in America.
- Bullish Market Indicators: These predictions and the potential positive impact of the Bitcoin halving and an American spot BTC ETF launch indicate a bullish trend for Bitcoin’s future valuation.
BTC Ready for Another Rally?
The leading digital asset once again showed remarkable resilience, clearing most losses recorded during the devastating market crash in 2022. It has recently surpassed $38,500, a level last seen in May last year.
And while 2023 is almost over, some cryptocurrency analysts believe that the asset still has some fuel left to jump even more before December 31. One such person is the popular X (Twitter) user KALEO.
The analyst presented a chart, according to which the $40K target is a “magnet” for Bitcoin’s valuation. What’s more, they assumed that BTC could rise to as high as $45,000 in the first week of December.
#Bitcoin / $BTC
$40K is still a magnet pic.twitter.com/MICsNkj1od
— K A L E O (@CryptoKaleo) December 1, 2023
This is not the first time KALEO has suggested Bitcoin could climb to the aforementioned mark by the end of 2023. Two weeks ago, they claimed such a surge is in the cards, but it might be first challenged by a drop to approximately $34,000.
What About $100K Next Year?
Another bullish Bitcoin prediction came from Geoff Kendrick, Standard Chartered’s head of FX research. He thinks the asset’s price might shoot to the coveted level of $100,000 in 2024 if three crucial factors are in place.
The first one is the potential rising dominance of Bitcoin over the alternative coins. Another element that might play a role is the Bitcoin halving (scheduled for April 2024). Kendrick assumed that the valuation of the asset might peak 12-18 months after the event.
Last but not least, he claimed that the launch of the first spot BTC ETF in America is just around the corner and that it could also cause a bull run for the asset.
Those willing to check out additional optimistic Bitcoin forecasts coming from prominent figures could take a look at our video below:
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