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Crypto Projections: BTC's Resilience & $100K Vision

Martin Walker
Dec 3, 2023 at 01:07 pm

Bitcoin's Tenacity and Upsurge: Demonstrating impressive resilience, Bitcoin recently surged past $38,500. According to analyst KALEO, a potential dip to approximately $34,000 could precede its anticipated climb to $45,000 in early December.

Envisioning $100K in 2024: Geoff Kendrick from Standard Chartered envisions a monumental leap for Bitcoin in 2024, foreseeing a $100,000 valuation. He attributes this projection to factors such as Bitcoin's escalating dominance, the April 2024 halving, and the potential introduction of the inaugural spot BTC ETF in the United States.

Optimistic Market Signals: These forecasts, coupled with the optimistic prospects of the Bitcoin halving and the imminent launch of a US spot BTC ETF, signal a positive trajectory for Bitcoin's future valuation.

Is Bitcoin Primed for Another Surge?

Once again showcasing remarkable tenacity, the premier digital asset has rebounded, recovering most losses from the tumultuous market crash in 2022. Surpassing $38,500, it reached levels unseen since May of the previous year.

As 2023 draws to a close, some crypto analysts contend that Bitcoin still possesses untapped potential for further escalation before the year concludes on December 31. Notably, KALEO, a prominent figure on Twitter, supports this notion.

Presenting a chart, KALEO suggests that the $40K threshold acts as a gravitational force for Bitcoin's valuation. Additionally, the analyst anticipates a potential surge to $45,000 within the initial week of December.

This isn't the first instance where KALEO has proposed the possibility of Bitcoin reaching the aforementioned milestone by the end of 2023. Two weeks ago, they asserted that such an upswing is on the horizon, acknowledging the likelihood of a temporary dip to around $34,000.

What About $100K in the Coming Year?

Another optimistic prediction for Bitcoin originates from Geoff Kendrick, the head of FX research at Standard Chartered. Kendrick envisions the asset's price catapulting to $100,000 in 2024, contingent on three critical factors.

Firstly, he emphasizes the potential ascendance of Bitcoin's dominance over alternative coins. Additionally, the impending Bitcoin halving in April 2024 is expected to play a pivotal role, with Kendrick speculating that the asset's valuation might peak 12-18 months post-event. Lastly, he anticipates that the imminent launch of the inaugural spot BTC ETF in the United States could trigger a bullish surge for the asset.

Read more: Crypto Ballet: Market Movements in Graceful Acts

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