A well-known crypto market analyst has suggested that Bitcoin (BTC) could surpass the $40,000 level at any moment. The analyst highlighted that the ongoing developments with the SEC and potential ETF approvals could continue to drive the market upwards.
Bitcoin’s $40,000 Target in Sight!
Known as The Flow Horse on social media, the cryptocurrency analyst expressed a positive outlook on Bitcoin to their followers on platform X, citing that under current conditions, there are very few reasons for anyone to sell BTC. The analyst also believes that Bitcoin will continue its upward momentum prior to the potential approval of a spot market Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) by January 10, 2024. The expert stated the following:
“I had mentioned three weeks ago that the $38,000-$40,000 range would temporarily be at the top. Yes, that was for that time. But now it just looks like a rising floor. I repeat, who is selling a lot before January 10th? $40,000 is coming soon.”
Scenarios Impacting Bitcoin’s Price
Other factors that are expected to continue driving Bitcoin’s price include the April 2024 halving event, where miners’ rewards are cut in half, and the potential rate cut by the Federal Reserve next year, which typically implies upward momentum for risky assets like BTC. The analyst mentioned:
“ETF and halving… There are still people in the middle of the curve for next year’s expected prices.”
The analyst also emphasized that prices would immediately increase if the SEC approves spot Bitcoin ETFs, highlighting the following point:
“Consider this: Why are you selling now? Think about other people, other whales, other investors. Why sell when almost all prices will be higher once the ETF gets the green light? We will be higher than where we are when the ETF goes live. That’s something I truly believe in.”
- Analyst predicts Bitcoin’s rise to $40,000.
- Key events like ETF approvals could boost BTC.
- Spot Bitcoin ETF approval to influence prices.
