Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023

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Bitcoin Predictions: Analyst Expects BTC to Surge to $40,000 in Q4 2023

Bitcoin has recently displayed positive price momentum, with a 2.39% increase over the past week, according to data sourced from CoinMarketCap. Despite a minor dip between Tuesday and Thursday, the premier cryptocurrency made a swift recovery on Friday, once again surpassing the $27,000 mark.

Amidst this backdrop, the renowned crypto analyst Michaël van de Poppe, in celebration of October’s arrival, has put forth a bullish forecast for Bitcoin in Q4 2033, backed by anticipated developments.

Analyst’s Bullish Projection: Bitcoin to Hit $40,000 in Q4 2023 – Uptober Begins

via post On October 1, Michaël van der Poppe, followed by 667,000 crypto enthusiasts, welcomed the new month with optimism, coining it “Uptober” in anticipation of a positive trend in the BTC market.

This optimism, shared by the well-known analyst, extends well beyond October, encompassing the entirety of Q4 2023. He envisions a scenario where Bitcoin could reach the significant milestone of $40,000 by year-end. However, this prediction is contingent on specific events unfolding.

Key Factors Driving the Bullish Projection

Van der Poppe outlines two pivotal factors that could catalyze this surge in Bitcoin’s value:

ETF Approvals

Firstly, the potential approval of ETF (Exchange-Traded Fund) applications is a crucial element in the equation. The ongoing deliberations surrounding Bitcoin spot ETFs in the United States have been closely monitored due to their potential impact on the BTC market.

Analysts maintain an optimistic outlook regarding the approval of a Bitcoin spot ETF, anticipating substantial gains for the largest cryptocurrency once such approval materializes. The realistic timeline for this approval is within Q4 2023, as it corresponds to the second deadline for most applications.

However, it’s worth noting that the US Securities and Exchange Commission (SEC) has the option to defer its responses to these proposals until the final deadlines, with the majority of them scheduled for Q1 2024. This delay tactic has already been employed by the US securities regulator, particularly evident during the first deadline phase for most applications. Recently, the SEC announced extensions for certain applications, including those submitted by BlackRock, 21Shares, Bitwise, and Valkyrie.

The Bitcoin Pre-Halving Rally

In addition to ETF approvals, van der Poppe also cites the possibility of a pre-halving rally as a significant catalyst for Bitcoin’s growth to $40,000 in Q4 2023. Historical data demonstrates that the months leading up to a Bitcoin halving event typically witness a rally, as exemplified in 2012 and 2016.

Drawing from this historical context, van der Poppe anticipates a similar upward trajectory for BTC in the months preceding the next Bitcoin halving, scheduled for April 2024. During this event, mining rewards will be reduced from 6.25 BTC to 3.125 BTC.

However, investors should remain vigilant regarding potential unforeseen events, known as black swan events. An example of this was observed during the lead-up to the 2020 Bitcoin halving when the BTC pre-halving rally faced temporary setbacks due to the adverse market impact of the COVID-19 pandemic.

As of the time of writing, Bitcoin is trading at $27,138, reflecting a 1.07% gain within the last day. Nevertheless, the cryptocurrency’s daily trading volume has dipped by 21.37%, currently valued at $6.28 billion.

In summary, Bitcoin’s future trajectory remains an intriguing subject, with key developments on the horizon that could potentially propel it to the $40,000 mark by the close of Q4 2023. Investors will be closely monitoring the outcomes of ETF discussions and the dynamics surrounding the impending Bitcoin halving event in the coming months.