thecryptobasic.com
With Bitcoin surging above $50,000, top analyst EGRAG Crypto speculates that that BTC would hit a market cap of $2 trillion by September.
In a tweet today, EGRAG urged crypto enthusiasts to gear up for the ride of a lifetime as he expects Bitcoin to continue its tremendous rally into the year.
Bitcoin Market Cap to Hit $2T in September
Notably, EGRAG predicted that Bitcoin’s market capitalization will surge to an astounding $2 trillion by September 2024.
#BTC $2 T in MC September 2024:
🚀 Get ready for the ride of a lifetime! By September 2024, #BTC is set to skyrocket 📈 past the $2 trillion mark, and it's happening quicker than anyone could have imagined!
🔥 Hold on tight as we witness the crypto revolution unfolding at… pic.twitter.com/LF2ForwvdZ
— EGRAG CRYPTO (@egragcrypto) February 13, 2024
At the time of writing this line, Bitcoin was trading at $49,922, with a 24-hour surge of 4.12%. Bitcoin currently has a market cap of $979.8 billion.
Based on EGRAG’s prediction, Bitcoin’s market valuation will need to rally by 104.12% in the next seven months to reach the projected $2 trillion market cap.
With a market cap of $2 trillion, a unit of BTC would be worth around $101,901, up 47.58% from its all-time high of $69,044.
Potential Factors That Could Take Bitcoin Valuation to $2 Trillion
There are multiple factors that could help Bitcoin hit the projected $2 trillion market cap, including the upcoming halving.
Bitcoin Halving
The next Bitcoin Halving is expected to occur by April 19, 2024. After the upcoming upgrade, Bitcoin miners’ rewards will be slashed to 3.125 BTC, thus contributing to the deflationary nature of the asset.
It is worth mentioning that Bitcoin has undergone halving in 2012, 2016, and 2020. As seen in previous events, the price of Bitcoin typically rallied after each event, paving the way for a massive bull run throughout the broader market.
For instance, during the last halving in 2016, the price of Bitcoin surged from below $10,000 to a whopping $69,044 within 18 months. Several analysts speculated that Bitcoin could experience a similar price increase after its upcoming bull run.
Growing Demand for Bitcoin ETF
Another factor that could take Bitcoin’s valuation to $2 trillion in the next seven months is the growing demand for Bitcoin spot exchange-traded funds (ETFs) among traditional investors. Demands for these funds have skyrocketed in recent times, surpassing initial predictions.
Citing data from CoinShares, Financial Times reported yesterday that the 11 Bitcoin funds approved in mid-January had attracted around $3 billion in net flows, despite Grayscale’s converted product witnessing over $6 billion in outflow during the early stages of trading.
As Bitcoin ETFs continue to garner interest, crypto experts are optimistic that traditional financial investors might allocate a portion of their portfolio to the products, thus contributing to BTC’s remarkable surge.