Despite Bitcoin’s recent sideways movement, crypto analyst Lark Davis believes it will continue to surge throughout the year and into 2024.
Factors Driving Bitcoin’s Bullishness
Election Year:
Davis points out that the stock market tends to perform well in election years. As Bitcoin has become more intertwined with traditional markets, it could benefit from this positive sentiment.
Interest Rate Cuts:
Goldman Sachs predicts three interest rate reductions this year, which could provide more capital for investors to allocate to risky assets like Bitcoin.
Extending the Bull Run to 2025
Crypto analyst PlanB also predicts a prolonged bull market for Bitcoin, with the peak potentially reaching in 2025. He believes that Bitcoin could reach $1 million during this period.
Normal Market Fluctuations
Davis emphasizes that sharp price corrections are normal even in bull markets and should not be interpreted as the end of the cycle.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at around $67,600, up over 3% in the last 24 hours.
