Edelman says Bitcoin could rise to $150,000 after the 2024 halving event.
A strong Bitcoin could boost the sentiment for other cryptocurrencies like Chancer.
Analysts expect up to a 1,000% price increase for Chancer.
After a prolonged bear crypto market, Bitcoin is expected to look up to the stars again. The upcoming halving event somewhere in April 2024 is expected to boost prices. Edelman Financial Services, which manages over $291 billion in assets, expects a fixed-figure price for BTC. The halving event could also be decisive for other cryptos like Chancer.
Bitcoin could surpass $150,000 after 2024 halving
The prediction is according to Edelman founder Ric Edelman. The analyst expects the milestone to be reached a few months after the halving event. This is not the first time Bitcoin has seen such huge predictions from analysts.
Edelman believes the crypto sector is in a transformative phase. The stage is characterised by increasing maturity and behavioural shifts. According to Edelman, these market dynamics and regulatory actions are cleansing the sector. The cleansing will make digital assets more attractive to individual and institutional investors.
Recent developments will also boost crypto. Edelman references Ripple’s win against SEC as a critical development that will boost crypto adoption. Also recently, Grayscale won a case against SEC, providing a further greenlight to the sector. Analysts led by JPMorgan believe the victory paves the way for the approval of the first spot Bitcoin ETF.
But the 2024 halving event will be a bull catalyst for Bitcoin, per Edelman’s predictions. Edelman notes that Bitcoin’s halving is historically a bullish catalyst. He says the halving could unlock Bitcoin’s value, helping it to reach $150,000 by the summer of 2025.
Role of Chancer and how it benefits from a bullish Bitcoin
Chancer is a new blockchain platform that powers peer-to-peer betting. Investors can create a Chancer market and bet on any event they feel like on a secure blockchain platform. The users bet under their own rules and odds.
The proliferation of Chancer challenges traditional betting, where markets are established by bookmakers. By allowing investors to create P2P markets, Chancer enables more people to get involved in betting. There are rewards for creating Chancer markets and sharing the platform.
Chancer will be the token investors can use to claim winnings on successful bets. They will also get paid using the token for creating the P2P markets or spreading Chancer news. The token will also be available for staking to investors seeking passive incomes.
Initially, Chancer could benefit from speculation around its novel betting platform. As the token lists in Q3 2023, the price could start to gain value.
Conversely, a bullish Bitcoin is always a positive catalyst for the rest of the crypto sector. As the world’s biggest cryptocurrency, Bitcoin demand boosts the sentiment for risky assets. Thus, the projected bull market by Edelman could help Chancer and increase the token’s value.
Is Chancer a sustainable blockchain?
The prolonged bear market taught that only the strongest blockchains and projects survive. Once the bull market returns, investors could focus on valuable projects with solid use cases.
Betting is among the strongest and fastest-growing sectors. Online sports betting alone is expected to grow by 9.94% CAGR between 2023 and 2027. The growth rate will take the total market volume to $63.62 billion by 2027.
Chancer will capitalise on the strengths of the entire betting sector to grow. It will also introduce new betting events that will see it capture a considerable market. This means it could be a sustainable project to deliver consistently to investors.
What is the 2023 price potential of Chancer?
Chancer will be listed in Q3 2023 amid huge expectations. 2023 might be a volatile year for the token due to intense speculations.
Analysts have earmarked a 1,000% price increase, although this could prove overambitious in the short term. A triple-digit price increase in 2023 could be more realistic, with more than 10x in the future.