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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.
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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.
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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.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/09/bitcoin-btc-price-could-reach-100000-in-2025-etoro-ceo-predicts/
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