2024-3-29 22:52 |
Bitcoin’s (BTC) price has increased astronomically in recent months to hit as high as $73,737 on March 14, 2024. Despite this phenomenal growth, is there room for BTC to hit six figures from its current trading price?
Mark Yusko, the founder and CEO of Morgan Creek Capital Management, thinks it is possible. Yusko recently postulated that Bitcoin’s next market cycle could see the premier crypto trade for $150,000 by 2025 as the upcoming halving event could add to the ETF tailwinds for the asset.
Bitcoin Will Top $150K In 2025While appearing on CNBC on March 28, Mark Yusko shared a bold price forecast: Bitcoin (BTC) hitting an eye-popping $150,000 in the coming months. Yusko uses Metcalfe’s law model to estimate BTC’s present “fair value” at $50,000.
The next halving, which is now three weeks away, has historically been a major catalyst for crypto rallies. The pre-programmed halving mechanism reduces BTC’s block rewards by 50% every four years.
When the block rewards get slashed to 3.125 from 6.25, then the price has to soar for the miners to continue to make money, the Morgan Creek executive noted. As the price rises, so does the fair value. Yusko added that this cycle will likely be different owing to transaction fees generated by Ordinals and Inscriptions. As such, he envisions a fair value of $75,000 post-halving as there will be increased investor interest and FOMO hitting full swing.
“So in the last cycle fair value was $30,000, we got to as high as $69,000. This time, I think probably two times because there’s less leverage. So that gets us to $150,000,” Yusko explained.
If history repeats itself, an even more bullish period for Bitcoin could be on the horizon in the months following the halving. In Yusko’s opinion, Bitcoin could hit the $150K projected peak roughly nine months after the April halving:
“Well, think about it… if there’s more demand than supply, the price has to rise. So the price starts to rise. It starts to become more exponential or parabolic toward the end of the year, and historically, about nine months after the halving. So sometime toward Thanksgiving, Christmas we see the peak in price before the next bear market.”
Meanwhile, other big names have also made similar bullish Bitcoin price predictions. Rich Dad Poor Dad author sees BTC hitting $100,000 after the halving, while British multinational bank Standard Chartered expects the OG crypto to reach $150,000 this year.
origin »Bitcoin price in Telegram @btc_price_every_hour
ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru
|
