- Bitcoin ETFs have been approved in the U.S. with trading volumes reaching billions, but BTC prices remain under $48,000.
- Bitcoin experts remain confident that prices will reach $55,000 by the halving, and possibly reach over $100,000 after the halving.
Investors are concerned about the repression of the BTC prices in the wake of the launch of the first spot Bitcoin ETF. On the first day of trading, Grayscale, BlackRock, and Fidelity lead a historic debut of Bitcoin ETFs in the U.S., with a record-breaking $4 billion trading volume on the first day. Despite these impressive figures, BTC prices have struggled to break above the yearly high of $48,000 reached at the start of the year.
At the time of press, BTC has retracted to trade at the $42,500 support after a nearly 8% drop in the last 24 hours. Although the local support is holding up, investors are concerned that the digital asset could be capped at the $48,000 resistance.
The latest data suggests that BTC is losing ground to altcoins. This is evident from the drop in dominance which at the time of press stands at 47.7%, down from 50%. Equally, altcoins have been performing well with Ethereum (ETH) leading with a 13% surge in the last 7 days.
There’s further concern that this could be a ‘buy the rumour, sell the news’ scenario with investors now taking a profit. This is supported by data which shows that 94% of all Bitcoin Supply is in profit. Some of this is making its way to exchanges after a two-year bear run.
94% of all #Bitcoin Supply is in profit!
pic.twitter.com/xT7kxmLgiN
— Crypto Rover (@rovercrc) January 12, 2024
Despite the short-term stall, experts are fairly confident that BTC will soon climb above $50,000. One of those is a Bitcoin analyst going by the pseudonym name PlanB, BTC will reach $55,000 in the coming weeks. The analyst who believes that the Bitcoin ETF approval is one of the most bullish events in the digital asset’s history further expects this to lay out the way for the upcoming Bitcoin halving.
The halving is scheduled for April and has historically been one of the most bullish events. PlanB foresees the crypto king ending the year trading above $100,000. By the end of 2025, BTC will be trading above $500,000 by the end of 2025.
I expect $55k bitcoin at halving, $100k in 2024, $532k in 2025:https://t.co/TSo7TpNfzb pic.twitter.com/mQaXM5Qabb
— PlanB (@100trillionUSD) January 10, 2024
This prediction is shared by other analysts, including Vivek who has shared with his 32K followers on X that BTC will reach $150K after the halving. According to most experts, by the end of the year, BTC will be trading between $100,000 and $250,0000. Cathie Wood, the CEO of ARK Invest, one of the companies that have launched a spot Bitcoin ETF, has predicted that in a bullish scenario, the price will reach $1,500,000 and in a bearish forecast it reach $250,000 by 2030.
Based on these predictions, the current prices offer investors a chance to load up at discount prices with a chance to make generational wealth.
