- Bitcoin hit new highs in volatile trading last week before falling rapidly.
- While the sentiment around Bitcoin remains bullish, commentators expect more volatility to come.
- Bernstein analysts wrote this week that the rally solidifies their view that Bitcoin is on track to reach $150,000 by mid-2025.
The world's largest cryptocurrency rose to an all-time high of $73,000 on Wednesday, fueled by retail investor demand for the token in the form of about a dozen spot ETFs that have been trading since its January 11 approval by regulators. It skyrocketed.
However, within two days of breaking the record, the coin plummeted to around $68,000, and as of Friday, was struggling to regain the levels reached mid-week.
With the Bitcoin halving event just around the corner and demand from ETFs looking solid, crypto market experts remain bullish despite volatility threatening short-term profits. It states that there is.
Here's what some of the market's top commentators have to say about the outlook for the world's most popular cryptocurrency:
Chris Marszalek — Crypto.com CEO
For nervous investors spooked by the token's sudden plunge in 24 hours after hitting an all-time high last Wednesday, Crypto.com CEO Chris Marszalek offered a reassuring anecdote: Volatility It is actually lower than the current cycle.
“If you look at the data and the intent as a signal from the retail side, it will probably be December 2020 or January 2021,” he told CNBC on Friday. “I think this is primarily driven by what's going on in the options market and the correction.”
He added that investors are seeing “steady growth” and that Bitcoin is an asset that people want to “hold for decades, not days or weeks.”
bernstein
Bernstein analysts said this week that the rally solidifies their view that Bitcoin will head toward $150,000 by the middle of next year, a view they first expressed in late 2023.
The firm's Gautam Chughani and Mahika Sapura have a bullish forecast that prices are poised for a “breakout” as demand from ETFs remains strong after April's halving event. repeated.
“To arrive at the Bitcoin price, we estimated inflows to Bitcoin institutional investors. We estimate there will be $10 billion inflows in 2024 and another $60 billion in 2025,” the paper said. I did,” he wrote.
Michael Novogratz — Galaxy Digital CEO
Galaxy Digital CEO Michael Novogratz said the latest cryptocurrency operations have staying power.
Bitcoin's inherent volatility was on full display last week, but Novogratz is confident the price won't fall below $50,000 again unless something dramatic happens.
The billionaire crypto bull says the recent rally has been primarily driven by investors' voracious appetite for cryptocurrencies and widespread adoption, rather than macro factors such as Federal Reserve policy or government debt. It was pointed out that
“If you think about what's going on in Washington, D.C., this is a vote, right? The American people just voted. They like Bitcoin, they like digital assets,” he told CNBC on Wednesday. Ta.
JP Morgan
JPMorgan has remained calm amidst the recent Bitcoin frenzy.
Top longtime skeptic Jamie Dimon compared investing in Bitcoin to smoking last week.
“I will protect your right to smoke a cigarette and I will protect your right to buy Bitcoin,” he said at the Australian Financial Review Business Summit on Tuesday. He has previously said that governments should shut down Bitcoin.
Meanwhile, the bank's researchers dispute the widely held view that the April halving will trigger a bullish move for the coin. They said in a note this month that Bitcoin could fall by 33% after the long-awaited halving event.
“This $42,000 estimate is also the level we expect the price of Bitcoin to head to once the euphoria from the Bitcoin halving subsides after April.”
Michael Saylor — Microstrategy CEO
Bitcoin's biggest advocate may be MicroStrategy CEO Michael Saylor, who analysts describe as a leveraged bet on the price of Bitcoin. The company has more than 200,000 tokens worth about $15 billion at last week's price, and Saylor said he intends to continue buying them.
Saylor told CNBC last Monday that Bitcoin, primarily because it's digital, has all of the best properties of precious metals, without the drawbacks, and is “going to eat up gold.”
“Computers allow you to trade a million times faster than traditional assets. It's available. Most other assets trade less than 20% of the time. Bitcoin trades 168 hours a week.” .
Saylor said that after the Bitcoin halving in April, the reduced supply will continue to stimulate demand, further increasing price momentum, adding that “the natural sellers are miners.”
