Following the liquidation of millions of dollars’ worth of short positions and an increase in trading volume, the price of bitcoin has risen to approximately $28,000 during the previous 24 hours. Many people are interested in finding out how high Bitcoin’s price can go during the upcoming bull run as market sentiment increases. Following the next Bitcoin halving, ChatGPT, an artificial intelligence, predicts that the next Bitcoin bull run might start in late Q1 or early Q2 of 2024.
Adoption and use cases, institutional investment, regulation, macroeconomic conditions, and technology advancements are some of the elements that could define the start of the next bull run. Hedge funds and huge corporations, among other institutional investors, have expressed interest in Bitcoin; as a result, demand for the digital currency may rise and its price may grow. A number of applications for a spot Bitcoin ETF, including those from BlackRock, Valkyries, Invesco, and Bitwise, have recently been put on hold by the Securities and Exchange Commission (SEC) of the United States.
The acceptance of a spot Bitcoin ETF has been the basis for several analysts’ estimates of the price of BTC. If a spot Bitcoin ETF is approved, BTC may hit $180,000, according to Tom Lee from Fundstrat. Other estimates for the price of BTC during the upcoming bull run include $148K by Pantera Capital, $100K by Adam Back before March 2024, $120K in 2024, and $100K by Standard Chartered.
