Bitcoin has reached its highest level since 2021, surpassing $57,000, leading to a surge in bullish sentiment among analysts. Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, predicts a potential price surge for Bitcoin, with a target of $88,000 by the end of 2024.
Rasmussen cites factors such as the upcoming halving event and increasing bullish positions by future traders as reasons for the positive outlook. Other analysts, including Peter Brandt, also share this optimism and predict even higher price targets.
Ethereum (one of the top altcoins) has also experienced a surge in value, outperforming Bitcoin. Rasmussen attributes this to speculation regarding the approval of an Ethereum exchange-traded fund (ETF) and the upcoming DenCun upgrade.
However, Rasmussen cautions that the approval of Ethereum spot ETFs may not be as straightforward as Bitcoin spot ETFs, considering the stance of the US Securities and Exchange Commission’s Chair, Gensler. He estimates a 50% chance of approval or rejection for Ethereum spot ETFs in May.
Source: NEWSBTC
