Bitcoin Set To Break $40,000 Barrier, Says Crypto Expert: 'It Looks Like It Is Just A Rising Floor'

Amid a recent surge of optimism within the cryptocurrency sector, pseudonymous crypto trader The Flow Horse has projected a significant rise in the value of Bitcoin (CRYPTO: BTC).

What Happened: In a post on X on Friday, the trader shared that the price of Bitcoin is poised for an upward trajectory, particularly with the potential approval of a Bitcoin exchange-traded fund by the Securities and Exchange Commission by Jan. 10, 2024.

“Alright, three weeks ago I said $38,000-$40,000 region would end up being the top for a bit. Yeah, sure it was for that time. But now it looks like it is just a rising floor," he said in the post. 

Alright 3 weeks ago I said 38-40k region would end up being the top for a bit, yeah sure it was for that time but now it looks like it is just a rising floor.

Again, who is selling much before January 10th?

+40k coming soon.

— HORSE (@TheFlowHorse) December 1, 2023

The trader also said that there are other factors contributing to the bullish outlook, including the upcoming halving event for Bitcoin in April 2024, which will halve the rewards for Bitcoin miners, and a potential rate decrease by the Federal Reserve next year.

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

ETF
Halving
Rate cuts
Election

And you still have people mid-curving where prices are most likely to be next year.

— HORSE (@TheFlowHorse) December 1, 2023

“The thing you have to think about is why would you sell right now? You have to think about other people, other whales, other traders. Why would you sell when you know it’s almost all but guaranteed prices are going to be higher when the ETF is green-lit? When the ETF goes live, we’re going to be higher than where we are. That is something that I firmly believe,” he said in a YouTube clip this week.

At the time of writing, Bitcoin was trading at $38,808.55, up by 3% in the last seven days. 

Now Read: "Rising Crypto Tide: Bitcoin Set to Break $40,000 Barrier, Says Expert

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock