Bitcoin (BTC) is currently trading at $37,072.
The flagship cryptocurrency, Bitcoin, is up more than 100% year-to-date (YTD). Despite these impressive gains, there is still reason to believe that the crypto token’s resurgence is not over, as there could still be new highs before the year ends according to analysis from prominent figures in the community.
Will Bitcoin Reach $69,000 This Year?
In a post shared on his X platform (formerly Twitter), prominent crypto analyst Dave the Wave suggested that Bitcoin could reach its previous highs in this last quarter of the year. Although he did not indicate which highs exactly, the accompanying chart he shared in the post showed that he was hinting at Bitcoin’s all-time high of approximately $69,000.
This is not the first time the crypto analyst has shared his belief that Bitcoin could reach $69,000 this year. In a previous post by It is not unusual for the market to rise significantly, as historical data suggests.
The price of Bitcoin has increased significantly before and after each halving event. Prior to the most recent halving event, which took place in 2020, BTC rose over 17% in the weeks leading up to it and saw a further 559% surge following the event.
However, many might argue that an all-time high (ATH) before the halving event, which will take place in April 2024, seems very far away, especially if the analyst projects the new high to occur sooner. This year is ending.
Bitcoin Traders Diverge on Price Halving
Market participants are very divided when it comes to how BTC price action will play out at the halving and beyond. Some agree that it is possible to reach higher levels in April, but there are still many conservative voices.
Last August, Bitcoin investor and author Jesse Myers dispelled any notion that the BTC/USD pair will trade at six figures between now and then.
In a subsequent interview with Cointelegraph, Filbfilb, co-founder of the DecenTrader trading suite, gave a ceiling on the BTC price of $46,000 before the halving.
“Assuming no black swan, around $35,000 by the end of the year and possibly as high as $46,000 sometime before the halving in Q1 2024,” he said.
Will Bitcoin Reach a New All-Time High Before April?
While reaching a new all-time high before the end of the year seems like a tall order, some prominent figures have nevertheless backed the crypto token to reach a new ATH before April. One of them happens to be Bitcoin OG and Blockstream founder Adam Back.
Interestingly, Back predicted (in August) that BTC will reach or even surpass $100,000 before March 31, 2024. To show how confident he was in his statement, the cryptocurrency founder even went so far as to make a bet with another user who did not agree with his position.
The two agreed to make a bet of 1 million satoshis, with the winner (depending on the price of Bitcoin before March 31, 2024) taking everything. Jan3 CEO and fellow Bitcoiner Samson Mow also agreed with Back in some ways as he believes that Bitcoin will also reach a new ATH before the halving and not after. However, unlike Back, he did not mention any price targets.
By Leonardo Perez
