A preferred crypto analyst believes Bitcoin (BTC) will witness one other bull run even when regulators reject all proposed BTC exchange-traded fund (ETF) functions.
Analyst Josh Rager tells his 201,600 X followers that he expects there to be a BTC provide disaster following the following Bitcoin halving, slated for April 2024.
Based on the crypto strategist, the halving, which slashes BTC miners’ rewards in half, will create a provide problem that sends Bitcoin into bull territory subsequent 12 months even with out a spot-based ETF performing as a catalyst.
“I might say because of the provide problem and the block reward minimize in half that the Bitcoin halving positively has an affect on worth.
However the affect on worth is delayed normally by a few months – in the event you have a look at previous historic Bitcoin halvings and the place the worth began to uptrend post-event…
The Bitcoin ETF is a major consider general Bitcoin worth and can have a serious affect within the upcoming 12 months. Nonetheless… even when ETF was denied (although I don’t see it occurring this time) with the Bitcoin provide disaster at hand, it’s very seemingly Bitcoin worth would proceed to uptrend all through 2024 after an ETF denial dump.”
Josh Rager highlights that the post-halving uptrend has historic priority however notes that the pattern dimension is low.
“One can’t deny the basics and affect {that a} lower in block reward has on general worth over the next years… Even when ETF denial [happens] – Bitcoin will nonetheless run up in 2024”
As for his long-term outlook on BTC, Josh Rager predicts that Bitcoin will start to witness a full-blown bull market by June 2024.
“My prediction for BTC worth over the following 12 months:
– Bitcoin ETF in September additionally will get postponed till [March].
Worth pulls again and continues to cut vary between $20,000 to $30,000 subsequent six months.
– ETF authorized by [March]. Bitcoin worth pumps into halving occasion round April (perhaps as much as $40,000).
After halving, the worth stalls and pulls again a bit for the weeks following.
– Up solely Bitcoin worth motion begins someday round June/July 2024 and runs onerous into early/mid-2025.”
At time of writing, Bitcoin is buying and selling for $29,207.
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