Bloomberg pro makes $435 billion price prediction Monero, ICP, Tron, Bitcoin
2023-04-23 16:03:06 ET
The Bitcoin price has struggled in recent days as some investors begin to take profits after the remarkable rally we experienced recently. The BTC price has drifted down to a low of $28,000, which means it has moved into a correction. Other coins such as Tron, Monero, Internet Computer (ICP), IOTA and Woo Network have also plunged recently.
Will Bitcoin Price Go Back?
It seems that some analysts believe that the current correction is temporary and that cryptocurrencies will soon bounce back. In this article
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I wrote that a popular cryptoanalyst had predicted that BTC would soon jump to around $40,000.
In the same report, I noted that Binance’s Changpeng Zhao had suggested that Bitcoin would rise ahead of the next halving event which will occur in the next twelve months. The argument is that BTC tends to rise before the halving happens. It has done so in the last three halves.
There are bullish catalysts for Bitcoin. First, there is a strong possibility that the Federal Reserve will soon begin to oscillate. Expectations are that the Fed will put interest rates on hold at the May meeting followed by a longer break.
But as we saw during the SVB and Signature Bank collapses, threats to the US economy could come from anywhere. As such, with interest rates at their highest point in more than a decade, something could break without warning. That will cause the Fed to swing, by suggesting that it will cut interest rates in the future.
Bitcoin halving as a catalyst
The other key catalyst for the BTC price will be the halving event that will happen in 2024. In a note, a Bloomberg Intelligence analyst said that the Bitcoin price could rise to $50,000 by April next year. He said :
“Bitcoin cycles bottom around 12-18 months before the halving, and this cycle structure looks like the last ones, although many things have changed – while the network is much stronger, Bitcoin has never endured a prolonged severe economic contraction.”
A move to $50,000 means Bitcoin would have to jump 82% from its current level. Such a move would push Bitcoin’s market cap to over $967 billion, based on today’s circulating supply of 19,354,418 BTC. This means that Bitcoin’s market cap will jump by $435 billion.
Notably, some analysts also believe that the Bitcoin price will jump to $65,000. In the same Bloomberg report, one analyst said:
“Bitcoin may once again reach a new all-time high in the future, but it is unlikely to see the same growth as previous cycles due to increased market size and competition from other digital assets.”
Mike Novogratz, the founder of Galaxy Digital said he believes BTC could jump to $67,000 in the coming months. He made that statement to CNBC as the Bitcoin price crossed the key resistance point at $30,000.
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If these forecasts are accurate, it means that other altcoins will also be positive since these coins have a positive correlation with Bitcoin. In most periods, altcoins rise when Bitcoin rises and vice versa. This explains why most of them, including IOTA, Monero and Internet Computers ICP have plunged recently.
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