Bitcoin (BTC) Price Prediction To $40K By 2023? This analyst chips in

TL; DR

BTC Resistance and Growth: Bitcoin has shown remarkable resistance, recently surpassing $38,500. The analyst predicts that KALEO could reach $45,000 in early December, which could reduce to $34,000 short. $100K Prediction for 2024: Geoff Kendrick from Standard Chartered predicts that Bitcoin could hit $100,000 in 2024, citing things like Bitcoin's rise in dominance, the April 2024 Bitcoin halving and the possible launch of the first BTC ETF in the US. Bullish Market Indicators: These predictions and the potential positive impact of the Bitcoin halving and the launch of the US spot BTC ETF indicate a bullish trend for Bitcoin futures.

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Is BTC Ready for Another Rally?

The leading digital asset has shown remarkable resilience in 2022, wiping out most of the losses recorded during the devastating market crash. It recently surpassed $38,500, a level seen in May last year.

And while 2023 is almost over, some cryptocurrency analysts believe that the asset still has some fuel left to jump further before December 31. One such person is the popular X (Twitter) user KALEO.

The analyst presented a chart according to which the $40,000 target is a “magnet” for the price of Bitcoin. Moreover, they speculated that BTC could rise to $45,000 in the first week of December.

#Bitcoin /$BTC

$40K is still a magnet pic.twitter.com/MICsNkj1od

— KALEO (@CryptoKaleo) December 1, 2023

This is not the first time that KALEO has suggested that Bitcoin may climb to the mentioned mark by the end of 2023. Two weeks ago, they He said he deserved it. Such an increase is in the cards, but could be challenged by a drop to $34,000 first.

What about $100,000 next year?

Another bullish Bitcoin forecast comes from Geoff Kendrick, head of FX research at Standard Chartered. He He thinks By 2024, the value of the property could reach the desired level of $100,000 if three critical factors are present.

The first is the increasing dominance of Bitcoin over altcoins. Another factor that will play a role is the Bitcoin halving (scheduled for April 2024). Kendrick estimates that property valuations can be high 12-18 months after the event.

Last but not least, he said the launch of the first spot BTC ETF in the US is just around the corner and could lead to a bull run for the asset.

Those interested in seeing more bright bitcoin predictions from celebrities can watch our video below.