Crypto influencer Rager recently projected a 37% hike in Bitcoin’s price by March 2024. The influencer based his projection on the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The price hike would come ahead of Bitcoin’s halving in April 2024.
Rager took to Twitter earlier today to share his Bitcoin projection:
My prediction for $BTC price over the next year:
— Rager (@Rager) August 13, 2023
– Bitcoin ETF in September also gets postponed until February
Price pulls back and continues to chop range between $20k to $30k next 6 months
– ETF approved by February, Bitcoin price pumps into halving event around April…
On August 11, the SEC announced that it needed additional time to deliver its decision regarding the spot Bitcoin ETP application submitted by Bitwise. The crypto industry was eagerly awaiting the decision on the Bitwise Bitcoin ETP Trust since approval would pave the way for similar applications. However, the securities regulator postponed its decision till September 1, 2023.
Decisions for spot Bitcoin ETF applications filed by BlackRock, VanEck, WisdomTree, and Invesco are due on September 2, making it a highly anticipated week for BTC stakeholders. However, Rager told his followers that the SEC would again postpone its decision and put it off till March 2024.
According to Rager’s analysis, BTC’s price would witness a pullback once the SEC postpones its decision next month. This would be followed by ranging price action in BTC where its price would bounce between $20,000 and $30,000 over the next seven months. The crypto influencer added that the SEC would start approving spot Bitcoin ETF applications starting March 2024 leading to a significant hike in the flagship cryptocurrency’s price.
Rager projected that BTC could go as high as $40,000, marking a hike of 37% from its current price. The anticipated price pump would coincide with Bitcoin’s halving event in April 2024, leading to additional gains. Post-halving, the crypto influencer stated that BTC’s price would stall and even decline. However, around July 2024, Bitcoin would start a strong bull run that would last till mid-2025.
