It has been just predicted that there is a new target regarding a new price for Bitcoin’s future cycle. Check out the latest reports about this below.
Bitcoin new price target is out
Recent reports indicate that a popular crypto analyst believes that Bitcoin (BTC) will experience significant growth following the approval of 11 BTC exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
According to the analyst, Michaël van de Poppe, who has over 683,000 followers on the social media platform X, BTC could reach a value as high as $600,000 during this market cycle.
“Range is defined.
$48,000 has been reached, perhaps we’ll go there again with the deal flow on the ETF approval today for Bitcoin.
Dips at $36-40,000 are amazing to get.
Perhaps we’ll go to $300-600,000 this cycle.”
It is also important to mention the fact that there is a chance that BTC could next see a consolidation period.
“Bitcoin approaches crucial levels.
The highs at $48,000 seem likely to be broken or tested, and potentially even $50,000.
Question is; what’s next?
Probably consolidation, but the Bitcoin ETF is a significant event.”
Ethereum price prediction is also out
With BTC likely facing consolidation, Van de Poppe suggests traders consider a “rotation towards” the leading smart contract platform Ethereum (ETH).
“Bitcoin reached the level I’ve mentioned for the past months.
I think we’ll consolidate. The news is out, the ETF is live, it’s great.
Rotation towards Ethereum.”
There have been a lot of other ETH price predictions lately and one of the most recent ones states the fact that an important analyst who goes by the name “Credible Crypto” on social media platform X, has stated that his minimum price target for Ethereum in 2024 is $10,000 – a gain of over 343% from the current level.
Additionally, he has mentioned that his maximum price target for Ethereum in 2024 is $20,000 – an increase of approximately 786% from its current value.
When looking at the price action of Ethereum in the short term, Credible Crypto has stated that Ethereum may experience another dip towards $2,160 before it challenges its resistance level at $2,400, despite having reached its local bottom earlier this week at around $2,100.
