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- Crypto market experts are more bullish on Bitcoin (BTC) than ever before.
- Top analyst Josh Rager believes irrespective of ETF decision, Bitcoin is billed to touch $100,000.
Josh Rager, a famous crypto analyst believes that a rejection from the United States Securities and Exchange Commission (SEC) on a spot Bitcoin (BTC) Exchange Traded Fund (ETF) application is not sufficient to deny the digital currency of a bull run.
The analyst took to X (formerly Twitter) to express his positivity concerning the leading crypto asset. His core prediction is that there will be a BTC supply crisis after the upcoming 2024 Bitcoin halving event. As with any crypto halving event, the reward for BTC miners would be slashed to reduce the supply of the token and trigger a price run to almost $100,000.
Rager believes that this will in turn lead to a supply issue that can trigger BTC price to enter into a bull territory without a catalyst like a spot BTC ETF. Meanwhile, he highlighted that a look through historical Bitcoin halving data shows that a potential price breakout is usually delayed by a few months.
The crypto strategist is not trying to downplay the significance and impact of a Bitcoin spot ETF to the coin’s price. Much more, he is confident that, unlike other years, a BTC ETF would not be denied by the SEC, plus the offering is a “significant factor in overall Bitcoin price.” At the same time, he thinks a BTC supply crisis would do as much as the ETF in fueling the upsurge of the cryptocurrency in 2024.
From his long-term speculation, a Bitcoin price uptrend should have become full-blown by June 2024. A decision for a Bitcoin spot ETF will be postponed till March 2024, instead of September 2023, Rager opined. Also, Bitcoin price would continue to fluctuate sideways for the next six months between a range of $20,000 to $30,000.
If the approval for the ETF finally comes in March, the price of BTC is likely to reach $40,000 before the halving event. When the Bitcoin halving event comes, the token price will stall before soaring for the next couple of weeks.
Bitcoin Loses Support at $30k Amid ETF Concern
Per data from Marketcap, Bitcoin is trading at $28,559, after a price dip of 2.05% in the last 24 hours. Already, BTC has lost its crucial support at $30,000, a price level that has now outrightly been turned into its resistance point.
Some other analysts strongly believe that the coin may drop below its bear value in 2022. DonAlt, a crypto veteran, has made some bearish calls about Bitcoin citing the looming Department of Justice (DoJ) enforcement action against Binance.
Meanwhile, a decision from the D.C. Circuit Court of Appeals on the lawsuit between Grayscale and the SEC is expected this Friday, a decision that is bound to have a very strong impact on the price of the digital currency.
