The flagship cryptocurrency, Bitcoin, It’s finish 100% year to date (YTD). Despite this impressive progress, there is still reason to believe that the resurgence of the crypto token is not overbecause there could still be new heights before the end of the year, based on analysis from prominent figures in the community.
Bitcoin will reach $69,000 this year?
In a job shared on its X platform (formerly Twitter), Dave the Wave, prominent crypto analyst suggested that Bitcoin could reach its previous highs in the final quarter of the year. Although he did not indicate exactly which highs, the attached chart he shared in the post showed that he was referring to Bitcoin’s all-time high of around $69,000.
– Dave the Wave🌊🌓 (@davthewave) November 9, 2023
This is not the first time the crypto analyst has shared his belief that Bitcoin could reach $69,000 this year. In a previous Messagehe shared a similar chart, which sets a price target of $70,000 based on speculation of “another mini-parabola preceding the halving.”
It is not unusual for the the market will pump significantly, as historical data suggests. The price of Bitcoin increased significantly before and after each halving event. Before the most recent halving event, which took place in 2020, BTC increased by over 17% in the weeks leading up to it and saw a further increase of 559% after the event.
Bitcoin (BTC) is currently trading at $37.072. Chart: TradingView.com
However, many might argue that a absolute record (ATH) before the halving, which will take place in April 2024, seems like a distant reach, especially if the analyst predicts that the new high will occur before the end of this year.
Will Bitcoin hit a new all-time high before April?
Although reaching a new all-time high before the end of the year seems to be a daunting task, some prominent figures have, however, supported the crypto token to reach a new ATH before April. One of them is Bitcoin OG and founder of Blockstream, Adam Back. Interestingly, back predicted (in August), BTC will reach or even exceed $100,000 before March 31, 2024.
To show how confident he was in his claim, the crypto founder went as far as placing a bet with another user X who disagreed with his position. Both agreed bet one million satoshis, with the winner (based on the price of Bitcoin as of March 31, 2024) taking the whole thing.
Jan3 CEO and another Bitcoiner, Samson Mow, also agreed with Back one way or another, as he believes that Bitcoin will also hit a new pre-halving ATH and will not be released. However, unlike Back, he did not mention any price targets.
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