“Bitcoin’s meteoric rise to $500k is poised to captivate the financial world, but experts warn of an inevitable correction, potentially triggering an 80% plunge. Stephan Livera unveils a gripping timeline, highlighting the rollercoaster journey awaiting crypto enthusiasts.”
Bitcoin recently reached $35,000, its highest level since May 2022, and according to Stephan Livera, a Bitcoin expert, this is just the beginning of a massive bull run that will peak at around $500,000. Livera believes that the approval of a spot Bitcoin ETF will have a significant impact on the price of Bitcoin. While there have been speculations about a spot Bitcoin ETF approval by the end of this year, Livera expects it to happen in the first or second quarter of 2024, coinciding with the halving cycle.
Livera predicts that Bitcoin will trade around $30,000 in the short term and then slowly rise to the $40,000 level leading up to next year’s halving. After the halving, he expects a drop followed by the next bull run. Historically, Livera notes that the halving event has been followed by a rise, a selloff, and then a significant bull run. He expects Bitcoin to reach its peak at around $500,000 in 2025 or early 2026.
Livera acknowledges that the price may experience a blow-off top and drop by 80% after reaching $500,000. However, he believes that this is a reasonable scenario considering the influx of new investors in the industry. Ultimately, Livera sees Bitcoin coming close to the range of gold, implying a price in the $500,000 range.
It’s important to note that the views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided, but neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes and should not be considered as a solicitation to make any exchange in commodities, securities, or other financial instruments.