A closely followed pseudonymous analyst outlined a potential path for Bitcoin BTC/USD to reach $83,000 and setting a short-term target for Ethereum ETH/USD at $2,500.
What Happened: An analyst known as Rager expects a speculative surge in Bitcoin's price leading up to the much-anticipated ETF approval, predicting a rise to $48,000 by mid-January.
However, this ascent is expected to be followed by a significant pullback, with Bitcoin's value potentially dropping to the mid or low $30,000s.
The analyst envisions a rally post-halving, projecting a new high in late 2024. This upward trajectory is expected to culminate in an early to mid-2025 peak, potentially reaching as high as $83,000.
According to Rager, this peak will mark the zenith of the bull market, with the third quarter of 2025 signaling its end.
Also Read: Bitcoin ETF Approval: Mark Your Calendars For January As SEC Decides Crypto's Fate
Rager suggests a more gradual increase in strength for Ethereum. The analyst sets a short-term price target of around $2,500 for Ethereum, noting its recent positive performance over the weekend.
However, Rager expresses caution about weekend price pumps, implying that such short-term spikes may not always indicate a stable upward trend.
Why It Matters: These predictions come at a time of heightened interest and speculation in the cryptocurrency market.
Rager's forecast, if realized, could signify a significant shift in the crypto landscape, potentially influencing investor strategies and market dynamics.
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