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Yoni Assia, CEO of eToro, a UK-based financial company, believes that Bitcoin, the crypto king, is on its way to a major explosion that will result in reaching over $100,000, despite the recent price drop.
“Individual Investors Will Start Returning”
In an interview with crypto trader and investor Scott Melker, eToro CEO Yoni Assia said he expects BTC to gain momentum towards the end of the year. According to the CEO of eToro, Bitcoin will likely reach a new all-time high by the end of 2024, potentially surpassing its previous record level of around $69,000:
Rallies will start to be seen by the end of 2024. It will gradually go to $50,000, then $40,000, and then $70,000. But when it reaches its all-time high, which will probably be at some point towards the end of next year, that’s when individual investors will start returning to the market.
Bitcoin Points to $100,000 by 2025
Assia also highlighted Bitcoin’s block reward halving cycles. The CEO of eToro stated that Bitcoin tends to show excessive strength one year after its block reward halving and that the current cycle should not be any different:
In theory, a bull run should actually happen in 2025, just like it did in 2021, 2017, and 2013. Because that’s the cycle. There is a famous saying: “History doesn’t repeat itself, but sometimes it rhymes.” So, it would be a surprise for me if we don’t see a rally in 2025. If we don’t see Bitcoin at least above $100,000 by the end of 2025, I would be very surprised.
The next block reward halving, which will reduce the block reward received by Bitcoin miners by 50% in BTC, is expected to take place in April 2024. According to CoinMarketCap data, Bitcoin is currently trading at $26,202, recording a 4.37% increase in the last 24 hours.
