By
Chimamanda U. Martha
April 26th, 2024
For many crypto enthusiasts and market participants, all indications point to the fact that Bitcoin could hit over $60,000 by April 2024.
Just as widely expected, it looks like Bitcoin’s (BTC) year will be ending on a very high note. This follows after its price surged 5% in the last 24 hours to surpass the $41,000 mark, according to CoinMarketCap data.
With its latest gains, Bitcoin has now reached levels not seen in over 19 months, and it may not even be done yet. The price surge also marks a new year-to-date high for BTC that has gained over 144% since 2023 began. However, despite this impressive run, it’s still down around 40% from its November 2021, all-time high of over $69,000.
Analysts Predict More Price Gains for Bitcoin (BTC)
For many crypto enthusiasts and market participants, all indications point to the fact that the flagship cryptocurrency could hit over $60,000 by April 2024. That is around the time the next Bitcoin halving will take place.
As Coinspeaker earlier reported, Matrixport research head Markus Thielen believes that Bitcoin will not only hit $60,000 by April but will eventually attain $125,000 by the end of 2024.
Thielen’s prediction is based on the historical records of what followed after the previous Bitcoin halvings. He said partly:
“Miners tended to hoard Bitcoin before each halving, prices increased by +200%, which would project Bitcoin reaching $125,000.”
Also fueling the bullish BTC price predictions is another interesting speculation that a wave of approval might come as early as January 10, 2024. That is for the firms that currently seek the United States’s approval to launch spot Bitcoin exchange-traded funds (ETFs).
Notable names among the 13 applicants with pending approvals are BlackRock and Grayscale.
According to a recent note by Standard Chartered, the approval of those ETFs could see Bitcoin fetching six figures before the end of next year.
Gold Gets Going
Interestingly, the price of gold may have also taken a cue from Bitcoin. The precious metal surged to new highs on Monday morning after breaking past the significant $2,100 level. However, it has since retraced its steps, shedding off about $90 so far. As of publication, the precious metal was seen trading at around the $2,068 area, down less than 0.10% for the day.
The latest actions of gold appear to suggest that investors are bracing up for a potential stock market unrest.
