Benzinga - A prominent trader has predicted Bitcoin (CRYPTO: BTC) will touch $89,000 in the near term, as the apex cryptocurrency nearly reached the $72,000 mark on Monday morning.
What Happened: Speaking with Benzinga, GG-Traders, a noted figure in the cryptocurrency trading community, noted that the minting of USDT and increasing ETF inflows are beneficial. BTC went into free flight after breaking through an all-time high, making him more inclined to see a continuation of the rally rather than a correction.
"If BTC closes the day above $73k, it will go to $87-$89k. If it fails to gain ground, it may go down to the $64-$63k zone, but since we are in a bull market, I am more inclined to go up, and I think we have passed about 20% of the bull market; 80% is still to come," he said.
Also Read: Bitcoin To Rival Gold? JPMorgan Says Yes But With A Twist
Why It Matters: The surge in Bitcoin's value is part of a broader rally that has seen its price escalate by over 40% in just six days, briefly crossing the $72,000 mark in Monday morning trading.
The uptrend was further buoyed by the British financial regulator's decision to greenlight the filing of applications for cryptocurrency-linked exchange-traded products (ETPs).
The Financial Conduct Authority of the UK announced on Monday its openness to the establishment of a UK-listed market segment for crypto-backed exchange traded notes (ETNs). This move requires exchanges to implement robust controls to ensure orderly trading and adequate protection for professional investors, aligning with the UK's stringent listing regime, including the issuance of prospectuses and ongoing disclosures.
Ethereum (CRYPTO: ETH) also followed suit, crossing the $4,040 mark for a 4% daily gain at the time of writing.
What's Next: This rally gains further significance as it unfolds just over a month before the much-anticipated Bitcoin halving event slated for April 20, which will see mining rewards halve from 6.25 BTC to 3.125 BTC. Funds like Grayscale attribute even more meaning to this particular halving, saying with the participation of ETFs it is "actually different" this time.
Read Next: $240M Liquidated As Bitcoin Rejects $70,000: 'Just The Test Pump,' Says Trader, But Not Everyone Agrees
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.