The CEO of global investment platform eToro, Yoni Assia, recently revealed that he is still bullish on the flagship cryptocurrency Bitcoin ($BTC), even amid a sharp decline in the cryptocurrency market that has caused the market capitalization of BTC has fallen to almost $500 billion.
In a recent conversation with cryptocurrency expert Scott Melker, Assia predicted that the leading digital asset could see an uptrend towards the end of the year and even reach a new all-time high by the end of 2024.
Based on Bitcoin’s historical price patterns, Assia said that in the cryptocurrency space, BTC will gradually rise to the $50,000 mark from the end of 2024 before rebounding back to $40,000 in a correction that precedes a rise to $70,000 US dollar will fall.
According to Assia, retail investors will only get back into the cryptocurrency space once Bitcoin hits a new all-time high, which he believes will happen “at the end of next year.” eToro’s CEO believes that Bitcoin’s halving cycles could be a prominent feature in the cryptocurrency’s price action.
In the interview, he said that Bitcoin tends to see significant gains about a year after the halving. Given the historical patterns in 2021, 2017 and 2013, he said that the bull run should theoretically occur in 2025 – the year after the halving – and noted that he would be “surprised if we don’t see a rally in 2025.” “I would be surprised if we don’t see Bitcoin above at least $100,000 by the end of 2025.”
The upcoming Bitcoin halving is scheduled to take place in April 2024 and has led to a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested that BTC could see a jump of over 500% from its current value to the $180,000 mark ahead of its upcoming halving.
Additionally, London-based multinational banking and financial services company Standard Chartered has suggested that the price of the flagship cryptocurrency could rise to $50,000 this year and break $120,000 by the close of trading in 2024, which represents another major bullish price prediction for BTC.
Featured image via Unsplash.
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