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 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.
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.
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, Chart from TradingView