Summary
Bitcoin futures traders on the decentralized exchange Lyra predict that the price of Bitcoin will reach $70,000 by the end of April. This prediction comes after Lyra customers correctly predicted Bitcoin’s $50,000 rally. The next Bitcoin halving is expected in April, and many experts anticipate that the price will rise. Lyra traders have a 20% certainty that BTC will reach a new all-time high of $70,000 by April 26, 2024. Open interest in Bitcoin futures contracts on centralized exchanges has also been increasing, indicating a market-wide trend of speculation in Bitcoin’s future price. The 2024 halving is seen as a bullish event for Bitcoin, and some analysts expect the price to reach $170,000 in 18 months after the halving.
Key Points
1. Bitcoin futures traders on the decentralized exchange Lyra predict that the asset will reach $70,000 by the end of April. The next Bitcoin halving will be in April, after which many pundits, including SkyBridge Capital’s Anthony Scaramucci, expect the price to rise.
2. Lyra’s traders predict with a 20% certainty that the price of BTC will rise to a new all-time high of $70,000 by April 26, 2024. This prediction comes after Lyra customers correctly predicted Bitcoin’s $50,000 rally.
3. Higher Bitcoin price forecasts are widespread, with open interest in Bitcoin futures contracts on centralized exchanges rising to $23 billion earlier this week. Grayscale Investments predicts that Bitcoin’s increase around the 2024 halving cycle will be driven by a mix of flows into Bitcoin ETFs and heightened on-chain activity. SkyBridge Capital’s Anthony Scaramucci expects BTC to reach $170,000 in 18 months after the Bitcoin halving.