Bitcoin Supply Crisis Would Trigger BTC Bull Market Even if ETF Bids Get Denied: Crypto Analyst
A well-liked crypto analyst believes Bitcoin (BTC) will witness one other bull run even when regulators reject all proposed BTC exchange-traded fund (ETF) functions.
Analyst Josh Rager tells his 201,600 X followers that he expects there to be a BTC provide disaster following the following Bitcoin halving, slated for April 2024.
In response to the crypto strategist, the halving, which slashes BTC miners’ rewards in half, will create a provide difficulty that sends Bitcoin into bull territory subsequent yr even with out a spot-based ETF appearing as a catalyst.
“I might say as a result of provide difficulty and the block reward reduce in half that the Bitcoin halving undoubtedly has an affect on worth.
However the affect on worth is delayed normally by a few months – in case you have a look at previous historic Bitcoin halvings and the place the value began to uptrend post-event…
The Bitcoin ETF is a major consider general Bitcoin worth and may have a serious affect within the upcoming yr. Nonetheless… even when ETF was denied (although I don’t see it occurring this time) with the Bitcoin provide disaster at hand, it’s very probably Bitcoin worth would proceed to uptrend all through 2024 after an ETF denial dump.”
Josh Rager highlights that the post-halving uptrend has historic priority however notes that the pattern measurement is low.
“One can’t deny the basics and affect {that a} lower in block reward has on general worth over the next years… Even when ETF denial [happens] – Bitcoin will nonetheless run up in 2024”
As for his long-term outlook on BTC, Josh Rager predicts that Bitcoin will start to witness a full-blown bull market by June 2024.
“My prediction for BTC worth over the following yr:
– Bitcoin ETF in September additionally will get postponed till [March].
Value pulls again and continues to cut vary between $20,000 to $30,000 subsequent six months.
– ETF authorised by [March]. Bitcoin worth pumps into halving occasion round April (perhaps as much as $40,000).
After halving, the value stalls and pulls again a bit for the weeks following.
– Up solely Bitcoin worth motion begins someday round June/July 2024 and runs exhausting into early/mid-2025.”
At time of writing, Bitcoin is buying and selling for $29,207.
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