Top Analyst Predicts Bitcoin Market Cap Will Reach $2T

As bitcoin soared above $50,000, top analyst EGRAG Crypto speculated that BTC’s market cap will hit $2 trillion by September.

In a tweet today, EGRAG urged crypto enthusiasts to get ready for a once-in-a-lifetime journey, as he expects bitcoin to continue to surge this year.

Bitcoin Market Cap to Reach $2T by September Notably, EGRAG predicted that by September 2024, bitcoin’s market cap will skyrocket to an astonishing $2 trillion.

#BTC September 2024 MC of $2T:

Prepare for a memorable journey By September 2024, #BTC is expected to soar and break the $2 trillion mark, and it will happen faster than anyone imagines

Hold on, we will witness the unfolding of the crypto revolution…

— EGRAG Crypto (@egragcrypto) February 13, 2024

At the time of writing this article, bitcoin was trading at $49,922, up 4.12% in 24 hours. Bitcoin’s current market cap is $979.8 billion.

According to EGRAG’s forecast, bitcoin’s market valuation needs to rise by 104.12% in the next seven months to reach the projected $2 trillion market cap.

Based on a market cap of $2 trillion, one unit of BTC would be worth about $101,901, up 47.58% from the historical high of $69,044.

Potential Factors That Could Drive Bitcoin Valuation to $2T There are several factors that could help bitcoin reach the projected $2 trillion market cap, including the upcoming halving.

Bitcoin Halving The next bitcoin halving is expected to occur on April 19, 2024. After the upcoming upgrade, the reward for bitcoin miners will be drastically reduced to 3.125 BTC, increasing the deflationary nature of the asset.

It is worth mentioning that bitcoin underwent halving in 2012, 2016, and 2020. From previous events, bitcoin’s price usually rises after each halving, paving the way for a massive bull market for the entire market.

For example, during the last halving in 2016, bitcoin’s price soared from below $10,000 to $69,044 in 18 months. Some analysts speculate that bitcoin may experience a similar price increase after the upcoming bull market.

Growing Demand for Bitcoin ETFs Another factor that could drive bitcoin’s valuation to $2 trillion in the next seven months is the growing demand for spot bitcoin exchange-traded funds (ETFs) from traditional investors. In recent years, the demand for these funds has surged, exceeding the initial expectations.

Citing data from CoinShares and the Financial Times, a report yesterday said that 11 bitcoin funds approved in mid-January attracted about $3 billion in net inflows, despite Grayscale’s conversion product seeing more than $6 billion in outflows in early trading.

As bitcoin ETFs continue to attract interest, crypto experts optimistically believe that traditional financial investors may allocate a portion of their portfolio to these products, driving BTC’s significant rise.

Sentiment: Positive