Renowned crypto analyst Rager shared a roadmap for Bitcoin to reach its long-term goal of $83,000. He also stated that he expects Ethereum (ETH), the king of altcoins, to reach the $2,500 level in the short term.
According to the analyst, Bitcoin will approach $50,000 in the short term until the expected block reward halving in 2024. Rager warned that BTC will see a significant spike as it approaches the block reward halving, followed by a sharp correction towards the $30,000 level.
Rager predicts that Bitcoin will continue its ascent towards its all-time high after the halving until 2025, reaching a new high in the process. The analyst predicts that Bitcoin will hit a record high in early to mid-2025 and that this bull market will end in the third quarter of 2022.
The block reward that Bitcoin miners receive in BTC for each block is known to decrease by 50% approximately every four years. Bitcoin’s next block reward halving is expected in April 2024.
Looking at Ethereum’s price, Rager noted that the ETH of Ethereum, the largest smart contract platform, is poised to rise to $2,500 in the short term. In his ETH commentary, the analyst states that ETH is slowly gaining strength over time and that its price will eventually reach $2,500, which is a nice target.