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A trader with a large following on Twitter and YouTube, who goes by the name Bob Lukas, shared his price prediction for Bitcoin‘s upward trend on social media platform X. The analyst, who shared his views on the leading cryptocurrency, issued warnings.
Bitcoin’s Halving Effect
The trader shared a three-month BTC/USD chart that shows how high he expects the flagship cryptocurrency to rise and what could trigger its comprehensive growth. According to the expert, Bitcoin is targeting $74,000. A cryptocurrency investor and YouTube blogger with about 250,000 followers on Twitter published a bullish post stating that Bitcoin, the world’s leading cryptocurrency, has the potential to rise by 2025 due to the momentum gained from the previous halving event.
Bitcoin’s cycle brings its own rhythm. The Bitcoin chart shared by Lukas shows large bullish candles at the end of each four-year cycle. Lukas clearly expects the price to rise at the end of this. The trader indicated a level that could be reached by 2025, close to $74,000, which is well above the historical peak of $69,000 reached in 2021. He expects the next Bitcoin price increase to occur at the end of the next four-year cycle (2027), one year before the fifth halving in 2028. The fourth halving of Bitcoin mining rewards, when they will be cut in half again, is expected in April 2024.
The Current State of the ETF Process
Well-known venture capitalist and investor Anthony Pompliano recently spoke with CNBC and shared his views on the much-anticipated approval of a spot Bitcoin ETF by the SEC. He believes that the regulator should approve not just one application, but all applications, including those from BlackRock, Fidelity, VanEck, and Ark Invest.
Anthony Pompliano believes that in the coming years, newly approved spot Bitcoin ETFs could see an inflow of cash worth an estimated $50 billion to $100 billion. This could mean that the annual fee for investing in ETFs could be as much as $500 million to $1 billion. Therefore, according to Pompliano’s expectations, it seems likely that these ETFs will spend several hundred million dollars on marketing alone.
