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Thursday, December 7, 2023

Will Bitcoin (BTC) Price Finish 2023 Above $40K: This Popular Analyst Chips In

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TL;DR

  • Bitcoin’s Rise: Bitcoin has grown over 120% this year, currently trading around $36,700. Analyst KALEO predicts a potential rise to $40,000 by year-end, with a possible temporary dip to $34K.
  • XRP’s Growth: Bullish on XRP, the analyst expects its price to increase, buoyed by partial legal victories for Ripple against the SEC, leading to its current value around $0.66.
  • Legal Influence on XRP: Positive legal outcomes for Ripple in its battle with the SEC have significantly impacted XRP’s market performance.

‘Just Keep Stacking’

Bitcoin (BTC) has had a remarkable year so far (compared to the second half of 2022), experiencing a price increase of over 120% since January 1. Currently, it trades at around $36,700 (per CoinGecko’s data), with some analysts predicting a further rally before the year’s end.

One such example is the X (Twitter) user KALEO. They believe BTC has a chance to soar to $40,000 by the end of December. However, the analyst warned that the largest cryptocurrency by market capitalization might first plunge to $34K before heading north. They also advised investors to increase their exposure to BTC.

Those curious to find out how high Bitcoin could spike according to some prominent figures could take a look at our dedicated video below:

Bullish in XRP, too

Besides BTC, the popular cryptocurrency analyst has also forecasted that the price of XRP could go up in the future. They based the prediction on the assumption that the US magistrates would dismiss the SEC’s wish to appeal the ruling, which granted Ripple’s first court victory in the lengthy lawsuit:

“Considering the SEC’s track record this year in cases against crypto, I’m buying the blood and taking the bet.”

Recall that Judge Torres denied the SEC’s motion in early October. The court decision triggered a spike in XRP’s valuation, which surpassed the $0.50 mark. The uptrend continued in the following weeks, and currently, Ripple’s native token is worth around $0.66.

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