A popular crypto analyst believes Bitcoin (BTC) will witness another bull run even if regulators reject all proposed BTC applications for exchange-traded fund (ETF).
Analyst Josh Rager tells his 201,600 X followers that he expects there will be a BTC supply crisis after the next Bitcoin halving, scheduled for April 2024.
According to the crypto strategist, the halving, which halves BTC miners’ rewards, will create a supply problem that will send Bitcoin into bull territory next year, even without a spot-based ETF acting as a catalyst.
“I would say because of the supply issue and the halving block reward the Bitcoin halving is definitely impacting the price.
But the impact on the price is usually delayed by a few months – if you look at historical Bitcoin halvings in the past and where the price started to rise after the event…
The Bitcoin ETF is a major factor in the overall Bitcoin price and will have a major impact in the coming year. But still… even if ETF were to be denied (although I don’t see it happening this time) with the Bitcoin supply crisis imminent, it is very likely that Bitcoin price will continue to rise in 2024 after an ETF rejection dump.
Josh Rager emphasizes that the uptrend after the halving has historical priority, but notes that the sample size is small.
“One cannot deny the fundamental factors and the impact that a block reward decline has on the overall price in the years to come…Even if ETF denial [happens] – Bitcoin still rising in 2024”
As for his long-term view on BTC, Josh Rager predicts that Bitcoin will witness a full bull market by June 2024.
“My BTC price prediction for the coming year:
– Bitcoin ETF in September is also postponed to [March].
The price pulls back and continues to range between $20,000 and $30,000 for the next six months.
– ETF approved by [March]. Bitcoin price pumps into halving event (maybe to $40,000) around April.
After the halving, the price stagnates and pulls back a bit for the following weeks.
– Only price action for Bitcoin will start sometime around June/July 2024 and run through early/mid 2025.”
At the time of writing, Bitcoin is trading at $29,207.
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey