With Bitcoin trading around $29,000 to $30,000 currently, analysts like Crypto Rover and Stockmoney Lizards see signs of a bullish resurgence incoming. Both make the case for Bitcoin hitting $40K based on key catalysts and chart patterns.
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$40K in 70 Days
Crypto Rover predicts Bitcoin will reach $40K “in the coming 70 days.” This outlook is based on an expectation of massive inflows from a Bitcoin spot ETF approval. They estimate up to $300 billion could enter Bitcoin markets in the first year after an ETF launch.
Given Grayscale’s recent legal win, Rover believes SEC rejection of a spot ETF is unlikely. With deadlines for proposed ETFs like ARK in early 2023, this buying pressure could propel Bitcoin’s price substantially higher from current levels around $29k-$30k. A $40K target is viewed as an achievable milestone enroute to $100K.
Chart Targets Align With $45K-$50K
Stockmoney Lizards also sees $40K-$50K as a feasible target for this cycle’s pre-halving peak. Their analysis relies on Fibonacci extension levels that proved prescient in the past bull run.
Beyond that, they forecast Bitcoin tapping $200K+ at the cycle peak in 2025-2026 based on the same technical indicators.
Confluence of Signs Point to Upside
While timelines vary, the convergent upside targets from these analysts provide corroboration. The confluence of on-chain activity, technicals, and a potential ETF catalyst signals Bitcoin could exit its bear market slump and make a run at $40K in coming months.
If these projections materialize, 2023 could see Bitcoin regain its bullish trajectory enroute to reclaiming all-time highs by the next halving and cycle peak. For investors, these analyst targets provide hope that better days may be ahead after a brutal bear trend.
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