Bitcoin to Hit $170K? Bulls Say the Current Rally Is Just the Beginning
The Bitcoin halving event in April is anticipated to spark significant growth for the cryptocurrency, with experts projecting a price surge to between $150,000 and $200,000 by the middle of next year.
• Analysts at Bernstein have maintained a high price target for Bitcoin, driven by strong inflows into exchange-traded funds (ETFs). They recommend that investors buy bitcoin mining stocks to capitalize on the anticipated increase in Bitcoin's value. Analysts Gautam Chhugani and Mahika Sapra observed that bitcoin mining stocks are mostly traded by retail investors and have yet to see substantial institutional investment.
However, with Bitcoin reaching new highs of $73,700, they expect institutional interest in bitcoin-related equities to grow, with bitcoin miners likely to gain the most. They also mention that investing in long-term bitcoin mining requires patience.
We expect Bitcoin to touch a cycle high of $150,000 by mid-2025 and touch all-time highs in 2024."
The analysts expect that the rising Bitcoin price and transaction fees will buffer miners against potential cost increases post-halving.
• Standard Chartered projects that Bitcoin's value could hit $100,000 by year's end.
• Fundstrat, a research company, estimates that Bitcoin could reach a price between $116,000 and $137,000.
• SkyBridge, a hedge fund, forecasts that Bitcoin will climb to $170,000 by April 2025.
People think we're nuts and that's fine, but I don't think we're nuts and that's why we have such a big position," Anthony Scaramucci, founder and CEO of SkyBridge Capital said.
• Several Wall Street observers argue that predicting Bitcoin's future price is challenging due to its lack of intrinsic value. Consequently, many large companies with extensive research departments are refraining from establishing price forecasts for the cryptocurrency. Jamie Dimon, CEO of JPMorgan Chase, has even compared Bitcoin to a "pet rock," implying skepticism about its value and utility.
• Since their January inception, new ETFs have been buying an average of 4,000 bitcoins daily, outpacing the 900 new coins generated each day by the Bitcoin network, says Mark Connors of 3iQ. The impending Bitcoin "halving" in mid-April is anticipated to exacerbate supply constraints by reducing the daily creation of new coins to 450. 3iQ forecasts a conservative Bitcoin price of $110,000 in 2024 and $140,000 in 2025, alongside a more optimistic scenario where Bitcoin could soar to $180,000 this year and $450,000 by 2025.
• Contributing to the bullish sentiment, $MicroStrategy(MSTR.US$ CEO Michael Saylor has stated that there are no clear factors that might cause a decline in Bitcoin prices. He highlighted the cryptocurrency's increasingly solid market presence, particularly after the sanctioning of spot Bitcoin ETFs.
Source: DLNews, Yahoo Finance, Business Insider, Forbes
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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一品香君 : Draw a big cake, a high-ranking taker
方展博 一博 : Those so-called “experts” are just deceiving people. They are shouting loudly that they can go up to 150 thousand US dollars, which means they ask you to raise the currency price and then slowly ship over there to make money! Remember, their experts told you to buy it and you want to sell it. Big banks like NVIDIA always said it would rise above the 1,000 mark, but now it's difficult to keep 900 because they can't lose themselves and keep selling to retail investors! Remember, if the experts say, you can swallow that poop!
73990469 :
Paul 1968 : what are all the ETF