Coin Edition -
- Analyst Adrian Zduńczyk said Bitcoin could hit a new all-time high after the halving.
- Bullish predictions for the S&P 500 in January are expected to drive inflows to Bitcoin.
- The analyst argues spot Bitcoin ETF approval will drive “trillions” into the crypto market and onboard more institutions.
In a series of tweets on X (formerly Twitter), renowned cryptocurrency trader Adrian Zduńczyk laid out his predictions for the year, stating that Bitcoin will hit a new all-time high after the halving pushed onwards by several bullish catalysts.
The crypto analyst pointed out several factors predicted to drive Bitcoin’s price up. He noted that the leading digital asset has been up since the start of January 2024, highlighting increased investors’ confidence.
According to Zduńczyk, the estimated 12.8% return for the S&P 500 in January will also push capital inflows into Bitcoin. The analyst based this prediction on the sustained correlation between Bitcoin and the U.S. stock markets.
Furthermore, Zduńczyk said Bitcoin could reach a new all-time high after the halving. Expected to happen in April, the halving will cut mining rewards and constrict the number of BTC entering into circulation. Historically, the halving has been marked with price pumps for Bitcoin.
Meanwhile, the analyst pointed at the increased speculation around a Bitcoin spot ETF approval in the U.S. as a positive driver for BTC. Zduńczyk said approval could drive trillions of dollars into crypto and onboard several institutions. Crypto experts predict the U.S. Securities and Exchange Commission (SEC) will approve an ETF in the coming days.
The bullish predictions from Zduńczyk mirror the general sentiment within the crypto market. The ETF-fueled optimism drove cryptocurrency prices higher towards the end of last year, with Bitcoin notching an annual high. Analysts expect the bullish momentum to sustain once the SEC greenlights a spot Bitcoin ETF.
At the time of press, Bitcoin is trading at $ 45,820, following an upward push that came at the start of 2024, CoinMarketCap data reveals. As a result, the digital asset is now up 7.62% in the past seven days and 18% higher in the last 30 days.
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