United

Bitcoin

April

Nexo

James

Analysts have recently focused on Bitcoin’s potential trajectory after its anticipated halving event. Adrian Zduńczyk, a prominent crypto trader, has <a href="https://x.com/crypto_birb/status/1741956660032414028?s=20" target="_blank" rel="noopener nofollow">shared</a> a bullish outlook, suggesting that Bitcoin could soar to new all-time highs post-halving. 
Zduńczyk’s projections shared on X, hinge on favorable market conditions and pivotal financial events. 
<h2 id="bitcoin-s-bright-outlook">Bitcoin’s Bright Outlook</h2> 
The beginning of 2024 has already seen a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-analyst-reveals-the-price-btc-wont-drop-below/" target="_blank" rel="noopener ">positive trend</a> for Bitcoin, reflecting a growing confidence among investors. Zduńczyk links this optimism to a parallel movement in traditional markets, particularly the S&amp;P 500, expected to deliver a 12.8% return in January. 
This positive trend in the stock market is seen as a potential catalyst by analysts for increased capital inflows into Bitcoin, reinforcing the correlation between the cryptocurrency and US stock markets. 
<blockquote class="twitter-tweet"> 
 3/ With an abnormally strong +12.8% est. S&amp;P return and strong correlation, BTC should get additional reinforcement from bullish stock market outlook. 
 Besides, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#BTC</a>‘s weekly chart shows support @ $30k, with rising 50-week and 200-week trends. Resistance @ $48k-50k. 
 Also, … <a href="https://t.co/Ffh8Mq74OS" target="_blank" rel="noopener nofollow">pic.twitter.com/Ffh8Mq74OS</a> 
 — Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741960187148214416?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 1, 2024</a>
</blockquote> 
The upcoming halving event in April, a <a href="https://www.newsbtc.com/bitcoin-news/eyes-on-50000-bitcoin-poised-for-major-rally/" target="_blank" rel="noopener ">significant occurrence</a> in the Bitcoin ecosystem, is another factor fueling Zduńczyk’s <a href="https://x.com/crypto_birb/status/1741961853968802172?s=20" target="_blank" rel="noopener nofollow">bullish predictions</a>. This event, which halves the reward for Bitcoin mining, historically triggers a surge in Bitcoin’s price by limiting the new supply entering circulation. 
Analysts like Zduńczyk view this as a key moment that could propel Bitcoin to <a href="https://www.newsbtc.com/bitcoin-news/matrixport-foresees-bitcoin-hitting-50000-price-mark/" target="_blank" rel="noopener ">unprecedented heights</a>. Adding to this optimistic scenario is the mounting speculation surrounding the approval of a spot&nbsp;Bitcoin ETF in the United States. 
According to Zduńczyk, this approval could channel trillions of dollars into the crypto market, marking a significant milestone in institutional adoption. 
Experts anticipate that the US Securities and Exchange Commission (SEC) may <a href="https://www.cnbctv18.com/technology/bitcoin-etf-approval-expected-soon-here-is-what-it-means-18700151.htm" target="_blank" rel="noopener nofollow">greenlight such an ETF soon</a>, which could have profound implications for Bitcoin’s valuation and market dynamics. 
<h2 id="bitcoin-2024-trajectory-analysts-project-sky-high-valuations">Bitcoin 2024 Trajectory: Analysts Project Sky-High Valuations</h2> 
Forecasts for Bitcoin’s price in the wake of the upcoming halving and spot Bitcoin ETF approval in the US vary, with some analysts setting ambitious targets. James Butterfill of CoinShares<a href="https://www.newsbtc.com/bitcoin-news/bitcoins-2024-forecast-from-60000-to-500000-top-experts-share-bold-predictions/" target="_blank" rel="noopener "> predicts a potential increase to $80,000</a>, while Antoni Trenchev of Nexo foresees a rise to $100,000. 
Venture capital firm CoinFund, through managing partner Seth Ginns, sets an even loftier expectation, projecting Bitcoin’s value to range between $250,000 and $500,000 in 2024. 
Ginns attributes this to a combination of factors, including the anticipated <a href="https://www.newsbtc.com/bitcoin-news/analysts-sound-alarm-spot-bitcoin-etf-approval/" target="_blank" rel="noopener ">spot ETF approval in the US</a> and a diminishing correlation with traditional economic indicators like the dollar and real yields. 
Bitcoin is experiencing a bullish trend, surpassing a significant threshold by trading above $45,000 for the first time since April 2022. The asset has seen a 6% increase in the past 24 hours and a 6.1% rise over the past week. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/mgqvUx1H/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
Notably, BTC trading volume has witnessed a substantial spike, escalating from $13 billion on Monday to over $33 billion today. 
Featured image from Unsplash, Chart from TradingView

Bitcoin’s Road To Record Heights: Analysts Forecast Post-Halving Surge

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