Amid a recent surge of optimism within the cryptocurrency sector, pseudonymous crypto trader The Flow Horse has projected a significant rise in the value of Bitcoin BTC/USD.
What Happened: In a post on X on Friday, the trader shared that the price of Bitcoin is poised for an upward trajectory, particularly with the potential approval of a Bitcoin exchange-traded fund by the Securities and Exchange Commission by Jan. 10, 2024.
“Alright, three weeks ago I said $38,000-$40,000 region would end up being the top for a bit. Yeah, sure it was for that time. But now it looks like it is just a rising floor,” he said in the post.
The trader also said that there are other factors contributing to the bullish outlook, including the upcoming halving event for Bitcoin in April 2024, which will halve the rewards for Bitcoin miners, and a potential rate decrease by the Federal Reserve next year.
“The thing you have to think about is why would you sell right now? You have to think about other people, other whales, other traders. Why would you sell when you know it’s almost all but guaranteed prices are going to be higher when the ETF is green-lit? When the ETF goes live, we’re going to be higher than where we are. That is something that I firmly believe,” he said in a YouTube clip this week.
At the time of writing, Bitcoin was trading at $38,808.55, up by 3% in the last seven days.
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