Analyst Predicts BTC Price to Reach $200 Thousand in 2025
The upcoming approval of Bitcoin ETFs and the upcoming Bitcoin Halving event have excited the crypto market. As the ETF craze reaches new heights, Milkybull Crypto, a popular crypto analyst on Ethereum (ETH) and other altcoins, emerges.
Bitcoin ETF Approval and Effect of Halving on BTC Price
According to a post by Milkybull Crypto on The combination of Bitcoin ETF approval and the Halving event creates a synergistic effect that could increase the value of BTC.
Additionally, the $200,000 Bitcoin price target set by the analyst for 2025 also looks profitable. Beyond Bitcoin, the altcoin market is also poised to gain significantly. An increase in liquidity is also expected in other altcoins in anticipation of the Spot Ethereum ETF.
When the historical context of Bitcoin Halving events is examined, a pattern emerges that strengthens the analyst’s optimistic predictions. During the period between the 2012 and 2016 Halving events, Bitcoin experienced a massive 5187% increase in price.
Also Read: Spot Bitcoin ETF: SEC Disapproval Rate Drops to 5%
Similarly, the four years after the 2016 Halving saw an increase of approximately 3000% in the value of BTC. In keeping with this historical trend, the most recent Halving event in 2020 occurred before Bitcoin reached its all-time high of around $69,000.
The next Bitcoin Halving event is scheduled for April 23, 2024. This event will reduce block rewards from 6.25 units to 3,125 BTC units. Bitcoin Halving 2024 is expected to aid price growth for BTC and other cryptocurrencies, paving the way for a significant influx of funds into the crypto market.
Bitcoin price today
Ahead of the anticipated Bitcoin ETF approval, BTC price fell over 4% before recovering significantly. Bitcoin price fell 0.30% on Monday, January 8, 2024 as the cryptocurrency traded at $43,902.42. Additionally, the market cap of the largest digital currency dropped to $860 billion.
However, the 24-hour trading volume increased by 52.01% to $24.01 billion. The increase in demand may be due to the recent excitement that the Spot Bitcoin ETF approval date is approaching. Despite recent declines, Bitcoin’s 1-month return remained at 3%, thanks to significant gains recorded in December 2023.
Also Read: SEC Senior Tags Bitcoin ETF Applicants as ‘Opportunistic Cartels’
✓ Share:
CoinGape consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Analyst #Predicts #BTC #Price #Reach #Thousand
