In the midst of the ongoing Bitcoin ETF approval Saga, Milkybull Crypto, a seasoned analyst, has painted a bullish picture of Bitcoin’s future. He believes that Bitcoin (BTC) will reach $80k in 2024 and $200k by 2025, which should benefit Ethereum (ETH) and other altcoins.
Dual Effect on BTC Price
In a recent post on X, Milkybull Crypto delves into the exciting possibilities that lie ahead. He forecasts an impressive surge to $80,000 in 2024, attributing this rise to the dual impact of Bitcoin ETF approval and the Halving event. According to the analyst, this dynamic duo set the stage for a unique synergy that could boost BTC’s value.
Looking ahead to 2025, the $200,000 Bitcoin price target seems enticing, with Milkybull Crypto highlighting potential gains for altcoins, especially with the expected introduction of a Spot Ethereum ETF, promising increased liquidity across the altcoin market.
Historical Perspective
Analyzing the historical context surrounding Bitcoin Halving events, the analyst uncovers compelling patterns. The period post-2012 and 2016 Halvings witnessed an astounding 5187% surge in Bitcoin’s value. Similarly, the four years succeeding the 2016 Halving marked a nearly 3000% increase.
Drawing from this historical trend, the analyst believes that the upcoming Halving in April 2024 could pave the way for another chapter of substantial gains, aligning with Bitcoin’s meteoric rise after the 2020 Halving.
Bitcoin’s Present and Future
As the crypto space eagerly awaits the green light for Bitcoin ETFs, the immediate impact on Bitcoin’s price is evident. A temporary 4% dip was swiftly followed by a notable rebound, showcasing the market’s resilience. Despite these short-term fluctuations, a surge of 55.01% in 24-hour trade volume, now at $25.01 billion, indicates a rising demand.
As reported by Coinpedia, Bitcoin’s current price stands at $44,209, with a market cap briefly dipping to $860 billion.
