Analysts are predicting a rise to $88,000 as Bitcoin hits its highest level in two years

With Bitcoin recently crossing $57,000, marking its highest level since 2021, a surge in optimism among analysts and experts is being observed.

Bitcoin to $88,000

Among them is Ryan Rasmussen, Senior Crypto Research Analyst at Bitwise, who recently shared his insights in an interview with Yahoo Finance. Rasmussen predicted an uptrend for Bitcoin and predicted a possible price increase to $88,000 by the end of 2024.

According to Rasmussen, Bitcoin trading at this price is possible, citing factors such as excitement and bullish sentiment surrounding the upcoming halving, as well as future traders taking bullish positions.

Rasmussen noted when announcing Bitwise's prediction for 2024:

We believe that Bitcoin will certainly reach an all-time high in 2024. The previous price is around $69,000, but we don't think it will stop there, we expect to see at least a 10-15% increase compared to the last all-time highs in 2024. This is going to get us into the mid-$80,000 range, so I think our target was $88.00 by 2024 and I'm still holding on to that.

Although Bitcoin is trading below the $88,000 level predicted by Rasmussen, the uptrend remains, with recent highs above $57,000. Other analysts, including legendary trader Peter Brandt, share this optimism and predict a target of $200,000 for the current bull market cycle.

Additionally, crypto analyst Ali has identified a “megaphone pattern” on Bitcoin’s daily chart, suggesting the potential for a significant rally towards $60,520 if the $50,000-$53,000 price level is maintained becomes.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Ethereum’s momentum is increasing

What is noteworthy is that Rasmussen also talked about Ethereum in addition to Bitcoin. So far, the price of Ethereum has surpassed that of Bitcoin.

Rasmussen attributed this increase in Ethereum's value to speculation about the approval of a spot Ethereum exchange-traded fund (ETF) in the US and the DenCun upgrade planned for March, which is expected to reduce transaction costs.

However, despite Ethereum's optimism, Rasmussen warned that approval of Ethereum spot ETFs may not be as easy as BTC spot ETFs.

He pointed to U.S. Securities and Exchange Commission Chairman Gensler’s reluctance toward spot Bitcoin ETFs, suggesting a similar stance toward Ethereum.

Rasmussen also noted that the recent Grayscale lawsuit may not have the same positive impact on the approval of Ethereum spot ETFs as it did for Bitcoin. Looking ahead, he estimated the probability of approval or rejection for Ethereum spot ETFs in May at 50%.

The launch of BTC spot ETFs has already had a significant impact on the market as billions have flowed into spot Bitcoin ETFs. Should the Ethereum spot ETF be approved, Rasmussen expects similar demand for Ethereum spot ETFs, which could increase buying pressure and potentially push up prices.

Featured image from Unsplash, chart from TradingView

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