TL;DR
It has been another interesting week for the cryptocurrency industry, especially Bitcoin (BTC). The primary digital asset has experienced considerable price swings ranging between $35,000 and $38,000, while some analysts believe it could go even higher in the following months.
Such an example is the popular X (Twitter) user KALEO, who thinks BTC has a chance to soar to $40,000 before the end of 2023. However, they warned that the asset might plunge to approximately $34,000 before spiking to the aforementioned peak.
Another analyst who recently chipped in is CryptoCon. They observed the Alternate Theory, which is an alternative to the Halving Cycles Theory, to assume that BTC could hit a new all-time high by early May 2024.
It is worth noting that the next Bitcoin halving (which will reduce the reward for miners in half) is scheduled for the upcoming spring. The event that takes part every four years, has historically been a bullish factor for the price of the crypto asset as it makes it more scarce and potentially more valuable.
Prominent figures, including Robert Kiyosaki (the one who forecasted the financial crisis in 2008) and Adam Back (CEO of Blockstream), have also laid out their forecasts regarding BTC’s possible price increase. The former believes that the US dollar could collapse in the near future, leading to a rally in the crypto sector and Bitcoin’s push towards $120,000.
For his part, Back bet 1 million satoshis (the smallest denomination of BTC) that the asset would reach $100K before the halving next spring.
Those curious to find out additional predictions coming from well-known individuals could take a look at our dedicated video below:
