$4 Trillion Bitcoin And Ethereum Boom Revealed By ‘Seasonal Surge’ Crypto Price Prediction – Forbes


Bitcoin BTC and ethereum, the two largest cryptocurrencies, have rocketed higher this year, with the bitcoin price doubling since its 2022 lows (with some expecting a China earthquake to soon hit the market).
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The bitcoin price has climbed over $30,000 this month, its highest level since last summer, even as U.S. regulators and lawmakers have been accused of creating a secret “alliance” to destroy crypto.
Now, one well-known bitcoin price bull has endorsed tech investor Cathie Wood’s massive $1 million bitcoin price prediction, saying he expects bitcoin to soar to over $200,000 per bitcoin within years—something that would give the combined bitcoin network a value of around $4 trillion.
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The bitcoin, ethereum and crypto market has been rocked by a regulation crackdown but the bitcoin … [+] price has still made major gains.
“I think her idea of network value for bitcoin and scarcity still argues that, if this isn’t an upcycle, her numbers are correct, you know, something in the $200,000-plus range,” Lee told CNBC, pointing to the Ark Invest chief executive’s analysis of bitcoin’s limited supply and calling bitcoin “battle-tested” by the recent regulatory legal action against major exchanges Coinbase and Binance.
Over the last month, bitcoin has been thrust back into the limelight by the world’s largest asset manager BlackRock BLK which has asked the U.S. Securities and Exchange Commission (SEC) for permission to create the first U.S. spot bitcoin exchange-traded fund (ETF).
“There’s been sort of a stage exit stage left for a lot of players, but then we’ve replaced them with, you know, some of the traditional players that have a lot of credibility,” Lee said. “Like the Blackrock and the Citadels coming into bitcoin,” he added, referring to a new cryptocurrency exchange called EDX Markets and backed by Citadel Securities, Fidelity Investments and Charles Schwab that was launched last week.
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The bitcoin price has roared back this year, doubling since falling to lows of around $15,000 late … [+] last year and helping the ethereum price to rally.
Meanwhile, bitcoin, ethereum and crypto market watchers have pointed to seasonal trends as potentially giving a further boost to the bitcoin price in the short term.
“While summer tends to be a period of consolidation for bitcoin, a strong July tends to be followed by a mediocre August and a selloff in September,” Markus Thielen, head of research at crypto-services provider Matrixport, wrote in an emailed note.
Matrixport has issued a bitcoin price prediction of $45,000 by the end of the year, a 50% increase from bitcoin’s current $30,000.


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