The way the market is currently moving, it looks like we could be in for a bull run. In 2023, Bitcoin is expected to rise 120% to over $42,000. Experts’ positive sentiments are linked to the expectation surrounding spot bitcoin exchange-traded funds (ETFs). Driven by significant inflows into cryptocurrency investment funds, Ethereum, Dogecoin, and Bitcoin Cash have also seen rallies, reaching a record $1.76 billion, marking the tenth week of investments in this range. According to analysts, this momentum may push Bitcoin to $100,000 by 2024.
According to CNBC, Ledger CEO Pascal Gauthier expressed optimism, saying that the previous year was a prelude to an impending bull run. He was also optimistic about 2025 and the upcoming year.
Investors believe that in the coming year, the largest cryptocurrency in the world will rise to all-time highs. According to David Marcus, CEO of Lightspark, there is hope for a change in the cryptocurrency industry from speculative trading to a focus on technology and practical problem-solving, even in light of recent setbacks like the collapse of FTX, problems with the Terra-Luna stablecoin, and difficulties faced by Three Arrows Capital.
The enthusiastic expectation surrounding spot bitcoin exchange-traded funds (ETFs) is a major factor in the bullish view that experts have for bitcoin. Gauthier stressed that the ETF represents bitcoin’s entry into the mainstream, a development that many have been eagerly awaiting. In addition, a price surge is anticipated in response to the anticipated halving of bitcoin in May 2024.
Following the halving, many market participants predict a bullish trend. But given the recent developments in ETFs, there could be a run before then that keeps a lot of investors away. According to Vijay Ayyar, vice president of international markets at CoinDCX, in a CNBC interview, this might cause the price to rise significantly.
