The CEO of global investment platform eToro, Yoni Assia, has recently revealed he is still bullish on the flagship cryptocurrency Bitcoin ($BTC), even amid a wide cryptocurrency market decline that has seen BTC’s market capitalization drop to near $500 billion.
In a recent conversation with cryptocurrency expert Scott Melker, Assia forecasted that the leading digital asset might experience a bullish trajectory as the year draws to a close, and could even reach a new all-time high by the end of 2024.
Drawing from Bitcoin’s historical price patterns, Assia said that at the end of 2024 the cryptocurrency space will start seeing BTC climb gradually to the $50,000 mark, before it moves back down to $40,000 amid a correction that precedes a move to $70,000.
Per Assia, retail investors are only going to reenter the cryptocurrency space once Bitcoin reaches a new all-time high, which according to him will occur “at the end of next year.” The CEO of eToro believes that Bitcoin’s halving cycles could be a salient feature in the cryptocurrency’s price evolution.
In the interview, he said that Bitcoin tends to showcase substantial gains approximately a year after the halving event. Given the historic patterns witnessed in 2021, 2017, and 2013, he said that in theory, the bull run should occur in 2025 – the year after the halving – and noted that he would “be surprised if we don’t see a rally in 2025. I’d be surprised if we don’t see by the end of 2025, Bitcoin above at least $100,000.”
Bitcoin’s upcoming halving event is set to occur in April 2024 and has inspired a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested BTC could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving.
Moreover, London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.
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