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Sunday, July 14, 2024

Will Bitcoin (BTC) Price Soar to $38K? Popular Analyst Chips In

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  • Bullish BTC Forecast: Josh Olszewicz predicts Bitcoin may reach $38,000 by year’s end, based on a chart placing BTC in a bullish zone between $33,500 and $35,000.
  • Potential Price Retrace: If Bitcoin falls below the current resistance, it could retrace to around $31,000.
  • Key Factors for Bull Run: Major drivers for a potential Bitcoin bull run include the SEC’s potential approval of a BTC ETF, the upcoming halving, increased adoption, and institutional interest. Even AI models like ChatGPT highlight these factors.

With the hype surrounding the possible approval of a spot Bitcoin ETF in America building, some cryptocurrency analysts have laid out bullish predictions on the asset’s future price.

The popular X (Twitter) user Josh Olszewicz recently suggested that the leading digital currency is poised for breakout towards $38,000 before the year’s end.

They based the forecast on a chart indicating that the asset is situated in a bullish zone between $33,500 and $35,000. “Inside the flag, we’ve got evidence for A&E and iH&S, aka market refuses to break down,” Josh Olszewicz assumed.

However, there is a slight chance that BTC retraces to approximately $31,000 if it plunges below the depicted resistance level, they added.

Numerous experts and even the AI-powered language model – ChatGPT – have recently pinpointed the major factors that could propel a bull run for the asset in the near future. Such elements include the SEC’s possible nod on aspot BTC ETF in the States, the upcoming halving, mass adoption, and interest from institutional investors.

Those willing to dive deeper into the matter can check these five BTC price predictions coming from experts, as some might be considered quite shocking:

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