Analysts: Bitcoin Could Reach $160K Following ETF Launch

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A recent report by CryptoQuant suggests that a combination of key factors and historical trends could potentially drive the first cryptocurrency to a price of $160,000 in a bull market by 2024.

According to CoinDesk, the report highlights several catalysts, including the increasing demand for digital gold through spot ETFs in the US, the upcoming halving event, and the rise in equity markets following the recent US interest rate cut, which could boost the asset’s price to at least $54,000 in the near future.

Experts have identified several crucial positive factors, including the growing on-chain activity, the halving of block rewards, promising macroeconomic prospects, the potential launch of a spot bitcoin ETF, and the increasing liquidity of stablecoins.

The report also predicts that the US Federal Reserve will continue to cut interest rates in 2024, which historically has supported the growth of risk assets like technology stocks and cryptocurrencies.

However, the report also warns about a possible short-term price correction, as investors may be tempted to take profits due to the large unrealized gains.

The analysts state, “There are some risks of a price correction given that short-term Bitcoin holders enjoy the high P&L that has historically preceded a downturn,” emphasizing the need for caution in the market.

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