what happened: In a recent interview on the Altcoin Daily channel, Hogan listed several factors that could increase the price of Bitcoin.
He pointed out that the recent halving event in April, where miners' rewards were cut in half, has had a major impact on Bitcoin market dynamics.
“I think we'll hit a new all-time high. I definitely think Bitcoin will hit six digits,” Hogan said.
“This is a high-risk market. You should only invest what you can afford to lose. But the setup for 2025 is truly exceptional.”
Additionally, Hogan expects spot Bitcoin exchange-traded funds (ETFs) to become even more prominent next year. He also highlighted the possibility of a Federal Reserve rate cut as a bullish catalyst for Bitcoin price growth.
Hogan noted that there is significant liquidity available for investing in the crypto market and expressed confidence that Bitcoin could reach new all-time highs by the end of the year.
Related article: Man accidentally throws hard drive containing 8,000 Bitcoins worth $500 million in landfill
why is it important: Hogan's prediction comes in the context of growing institutional investor interest in Bitcoin.
recently, Micro Strategy Co., Ltd. MSTR founder michael saylor urged Bitcoin skeptics to short the company's stock, underscoring its commitment to owning Bitcoin.
moreover, morgan stanleyDespite previous skepticism from the executive committee chair; james gormanhas been actively encouraging its customers to invest in Bitcoin-related investments this year. This change signals the increasing acceptance of Bitcoin among traditional financial institutions.
Additionally, the recent rise in Bitcoin prices, with traders like Astronomer Zero reporting strong bullish signals, further supports the optimistic outlook for Bitcoin's future.
Price action: At the time of writing, the price of Bitcoin was up 0.31% in the past 24 hours to $68,361, according to data from Benzinga Pro.
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