The CEO of the investment platform eToro believes that Bitcoin (BTC) is still on track to blast above $100,000 despite its recent price drop.
In a new interview with crypto trader Scott Melker, Yoni Assia says that BTC will likely start gathering bullish momentum toward the end of the year.
According to the eToro executive, Bitcoin will likely print a new all-time high by the end of 2024.
“At the end of 2024 is when you start [seeing rallies], and you start gradually seeing something going to $50,000 and then back to $40,000, [then] to $70,000… Only when it reaches all-time highs, which is somewhere probably at the end of next year, only when it reaches all-time highs… that’s when retail [investors] come back.”
Assia is also looking at the halving cycles of Bitcoin. The eToro CEO says that Bitcoin tends to witness strong surges a year after the halving and the current cycle should not be different.
“In theory, the bull run should actually be in 2025. The same as it was in 2021, 2017 and 2013. That’s the cycle. Now, there’s a very famous saying, ‘History does not repeat itself, but it sure damn rhymes.’ So I would be surprised if we don’t see a rally in 2025. I’d be surprised if we don’t see by the end of 2025, Bitcoin above at least $100,000.”
The Bitcoin halving, which slashes BTC miners’ rewards in half, is slated for April 2024.
At time of writing, Bitcoin is trading for $25,145, down over 2% in the last 24 hours.
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