Cryptocurrency analyst Dave Viv said that Bitcoin could initially reach the $50,000 mark before returning to the support level around $35,000.
A famous crypto analyst says that Bitcoin will grow by more than 400%.
A prominent cryptocurrency market analyst known for accurately predicting Bitcoin's previous market path has shared an optimistic forecast for the future value of the leading digital currency.
Cryptocurrency analyst Dave Vive said that Bitcoin could initially reach the $50,000 mark before returning to the support level around $35,000.
According to his analysis, Bitcoin could start a huge rally, which is estimated to be worth $180,000 by April 2025, representing a staggering 424% increase from its current price.
It also suggested that a smaller rally could occur ahead of Bitcoin's next halving event in 2024, potentially pushing the cryptocurrency's price beyond its all-time high.
Backing up his bullish stance, the analyst pointed to the monthly moving average convergence divergence (MACD), a tool for spotting market trends, and believes he has entered a definitive bullish phase.
In early October, the analyst said that the Ethereum and Bitcoin pair may be nearing the end of a significant wedge pattern. This could point to a potential upside breakout early next year.
He predicted that Bitcoin's value would surpass traditional assets such as stock indices in about a decade.
The total value of the global market of digital currencies is currently estimated at 1.32 trillion dollars, which has increased by 1.86% compared to the previous day. Currently, 52.17% of the total digital currency market is owned by Bitcoin, which has decreased by 0.23% in one day.
The total volume of the digital currency market in the last 24 hours is 30.24 billion dollars, which has decreased by 21.83%. The total volume in decentralized finance is currently $3.61 billion, which is 11.94% of the total 24-hour cryptocurrency market volume, and the volume of all stablecoins is now $25.51 billion, which is 84.36% of the total volume. It forms a 24-hour digital currency market
