When Bitcoin Will Be More Expensive Than $100 Thousand: A Selection of Predictions
According to Coingecko, on February 28, bitcoin's capitalization exceeded $1.1 trillion, which is more than half of the market share of the entire crypto market, the total capitalization of which is estimated by analytical services at $2.2 trillion.
Ethereum (ETH), the second largest cryptocurrency by capitalization, has also updated its annual maximum, with Ether trading above $3,300 with a capitalization of more than $398 billion.
Bloomberg called the activity of retail investors before the upcoming halving and the launch of bitcoin-based exchange-traded funds on January 11, 2024, the main reasons for the rise of bitcoin. Reports from the largest American cryptocurrency exchange Coinbase showed the highest quarterly bitcoin trading volume in two years.
Two months after the launch, the assets of the nine leading bitcoin-based spot exchange-traded funds (ETFs) exceeded 300,000 BTC, or $17 billion.
Further Predictions
According to the forecast of the head of Ki Yang-ju CryptoQuant, if the current trend for the inflow of funds into exchange-traded funds (ETFs) for bitcoin continues, then the price of the first cryptocurrency could reach $112 thousand by the end of 2024.
His forecast coincides with the vision of the world-famous writer and investor Robert Kiyosaki. The author of the bestseller "Rich Dad Poor Dad" claims that with the launch of spot bitcoin ETFs, money from pension funds is pouring into the market.
"I'm watching the inflow of funds into bitcoin ETFs with interest and wondering where this market is headed. Longer money is coming into play – doesn't that mean crypto is getting more stable? Kiyosaki said. "With the launch of ETFs, a lot of money from pension funds is pouring into the market. That's a huge influx that should boost the value of cryptocurrencies."
At the same time, Kiyosaki noted that he would not invest in a bitcoin ETF because he does not trust any assets that can be "printed." Over the past few years, Kiyosaki has repeatedly argued that financial markets could collapse and stated that precious metals and bitcoin are the only assets in which funds can be saved. In February last year, he predicted that the bitcoin rate would rise to $500,000 by 2025.
Markus Thielen from 10x Research admitted the possibility of bitcoin rising to $70 thousand by the end of 2024. The analyst believes that the growth of the rate of the first cryptocurrency will be facilitated by the macroeconomic environment, monetary policy, the election cycle in the United States and the investments of participants in the traditional financial sector in bitcoin ETFs.
The head of the SkyBridge hedge fund, Anthony Scarammuchi, predicted the growth of bitcoin to $170 thousand by the end of 2025. According to the businessman, the price of the first cryptocurrency will rise due to the demand for new spot exchange-traded funds (ETFs) and the upcoming halving in April (halving the reward of bitcoin miners).
"If bitcoin is worth $45,000 during the halving, then by mid-to-late 2025 it will be worth $170,000 <... >Whatever the price (of bitcoin) is on halving day in April, multiply it by four and it will reach that figure in the next 18 months," the SkyBridge founder said.
Analysts of the Singaporean cryptocurrency platform Matrixport in their forecast announced the beginning of the fifth bull cycle in the cryptocurrency market and the growth of the bitcoin rate to $125 thousand by the end of 2024.
Experts from the trading company QCP Capital have published an analytical note for investors, in which they admitted the possibility of bitcoin exceeding the historical maximum by the end of March. In their opinion, the price of the digital currency will depend on the inflow of funds into exchange-traded funds (ETFs) and the accumulation of options to buy bitcoin with strike prices of $60-80 thousand.
"If all these trends continue, the bitcoin rate could easily overcome historical highs by the end of March," the analysts wrote.
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