Bitcoin’s path to $40k predicted by CryptosRUs analyst

November 23, 2023 at 4:10 pm

Markets

Bitcoin’s path to $40k predicted by CryptosRUs analyst

CryptosRUs analyst predicts Bitcoin’s imminent surge to $40,000, citing potential ETF approvals and the upcoming halving event as key drivers.

In his YouTube video posted on Nov. 23, the crypto analyst behind the CryptosRUs channel predicted that Bitcoin’s (BTC) price could soon surge to $40,000. He believes several key factors could drive this price movement.

“The derivative traders, the future traders, the option traders, they’re all targeting 40,000 right now. Everyone is eyeing 40,000 because that 39,000 resistance, nothing, right? We will break through that like it’s nothing. So, 40,000 is to new goal.”
CryptosRUs YouTube channel

The CryptosRUs host cited the potential approvals of Bitcoin ETFs by asset managers like BlackRock and Grayscale as the main catalysts. The analyst theorized that these major players have likely already gotten indications from the SEC that their ETF applications will be approved.

“[BlackRock] met with SEC. Basically, they’re going to get the okay. They probably have the date, but they’re not going to share it. Maybe it gets leaked out, but it’s happening when BlackRock gets theirs. I mean, it’s going to be nutty, nutty.”
CryptosRUs YouTube channel

The analyst also pointed to supportive comments from the former New York Stock Exchange president, who said the money would flood into Bitcoin once an ETF is approved since it makes purchasing easier.

Additionally, the CryptosRUs host believes Bitcoin’s upcoming halving event in approximately 150 days could supercharge any spot ETF-driven price gains.

By the time we get a halving event, let’s say it’s after a spot ETF, which I think it will be. We could be back to $70,000. We could be $60,000, $65,000, $69,000 by this next halving event already.
CryptosRUs YouTube channel

The analyst also mentioned that Bitcoin has seen massive price surges after previous halvings, with gains as high as 5,300% in 2013. While not predicting similar percentage gains this cycle, he said 10-15x is very possible.