Recent reports indicate that a significant surge in Bitcoin is currently occurring. A well-known trader who accurately predicted the end of Bitcoin’s 2021 bull market is forecasting a potentially substantial increase in the crypto king’s value.
Bitcoin’s price could go to the moon
The trader, who goes by the name Pentoshi on Twitter and has over 699,400 followers, notes that capital seems to be exiting the crypto markets. However, the trader believes that market conditions will change in the coming months leading up to Bitcoin’s next halving event.
“Every day checking stablecoin (market cap) and total value locked (TVL).
Every day, stablecoin (market cap) goes down, TVL goes down, *MOST* altcoins TREND down.
When new money? SOON! Think by or around Q1 2024 BTC is screaming up…
Hate to think where we’d be if it wasn’t for Saylor, Tether + ETF (exchange-traded fund). Maybe sub $20,000.”
Bitcoin halving is expected for 2024
The Bitcoin halving is expected to occur in April 2024. However, the trader holds a pessimistic outlook on BTC due to two macroeconomic challenges.
The recent surge in oil markets indicates that inflation may resurface, according to Pentoshi. Additionally, he anticipates regulators to postpone the approval of a spot-based Bitcoin exchange-traded fund (ETF).
Pentoshi believes that the resulting correction from these two factors may prepare BTC for a significant surge once a Bitcoin ETF is approved. He states that a “fake dump into pump” is likely to occur after the ETF delay and a high CPI print.
Pentoshi emphasizes that his job is to pay close attention to the market, and he notes that energy has risen by 24% in the last six weeks, leading to an overall increase in prices. He predicts that the Fed will also show a hot print soon.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $20,075.
