BTC Price Forecast: $38,000 by Year’s End, According to Analysts
Bitcoin (BTC) may reach $38,000 by the end of the year, according to cryptocurrency analyst Josh Olszewicz. Olszewicz’s bullish forecast is based on a chart that places BTC in a positive zone between $33,500 and $35,000. The analyst suggests that if Bitcoin falls below the current resistance level, it could retrace to around $31,000.
The potential for a Bitcoin bull run is supported by several key factors. The SEC’s potential approval of a Bitcoin ETF, the upcoming halving event, increased adoption, and institutional interest are all drivers that could lead to a surge in Bitcoin’s price. Even AI models like ChatGPT highlight these factors as significant contributors to Bitcoin’s potential growth.
Olszewicz’s prediction has gained attention amid the growing excitement surrounding the possible approval of a spot Bitcoin ETF in the United States. The analyst’s chart analysis indicates that Bitcoin is currently in a bullish zone, showing evidence of A&E and iH&S patterns, which suggest that the market is resistant to a breakdown.
However, there is a slight possibility that Bitcoin could retrace to around $31,000 if it drops below the resistance level. This retracement would be a temporary setback in the overall upward trend.
Many experts, including AI-powered language model ChatGPT, have also highlighted the major factors that could push Bitcoin into a bull market. These factors include the SEC’s potential approval of a Bitcoin ETF, the upcoming halving event which will reduce the supply of new Bitcoins, mass adoption of the cryptocurrency, and increased interest from institutional investors.
In conclusion, the outlook for Bitcoin’s price is bullish, with the potential for a significant surge to $38,000 by the end of the year. The approval of a spot Bitcoin ETF and other key factors play a role in supporting this optimistic forecast.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀