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The closely followed crypto analyst and strategist Rager has shared a roadmap for Bitcoin (BTC) to reach its long-term target of $83,000. The analyst also stated that he expects the king of altcoins, Ethereum (ETH), to reach $2,500 in the short term.
Bitcoin Price Expected to Approach $50,000 in the Short Term
The anonymous crypto analyst Rager, on his social media platform X’s (formerly known as Twitter) account, has expressed his expectation for Bitcoin to approach $50,000 by the next month. Rager warned of a significant surge in BTC as it approaches the block reward halving expected in 2024, followed by a sharp correction towards the $30,000 level.
According to the analyst, the largest cryptocurrency will continue its rise towards the all-time high of $83,000 by 2025 after the block reward halving:
I expect a pullback to mid or below $30,000 after a rally to $48,000 by mid-January. After the block reward halving, a rally could lead to a new peak by the end of 2024.
By the beginning or middle of 2025, I expect it to reach an all-time high and set a record. The bull market will probably end in the third quarter of 2022.
As it is known, the block reward that Bitcoin miners receive per block in BTC decreases by approximately 50% every four years. The next Bitcoin block reward halving is expected to occur in April 2024.
Next Stop for Ethereum’s Price: $2,500
Following Bitcoin, looking at the largest smart contract platform Ethereum’s ETH, Rager said that the altcoin king is ready to rise to $2,500 in the short term. In his ETH commentary, the analyst noted:
ETH is slowly gaining strength over time. Eventually, its price will likely come to a nice target of $2,500. It made a nice move this weekend, but I am not always a fan of following weekend rallies.
