Amid a recent surge of optimism within the cryptocurrency sector, pseudonymous crypto trader The Flow Horse has projected a significant rise in the value of Bitcoin (CRYPTO: BTC).

What Happened: In a post on X on Friday, the trader shared that the price of Bitcoin is poised for an upward trajectory, particularly with the potential approval of a Bitcoin exchange-traded fund by the Securities and Exchange Commission by Jan. 10, 2024.

“Alright, three weeks ago I said $38,000-$40,000 region would end up being the top for a bit. Yeah, sure it was for that time. But now it looks like it is just a rising floor," he said in the post. 

The trader also said that there are other factors contributing to the bullish outlook, including the upcoming halving event for Bitcoin in April 2024, which will halve the rewards for Bitcoin miners, and a potential rate decrease by the Federal Reserve next year.

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

At the time of writing, Bitcoin was trading at $38,808.55, up by 3% in the last seven days. 

Now Read: "Rising Crypto Tide: Bitcoin Set to Break $40,000 Barrier, Says Expert

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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