The Bitcoin price has performed well this year, rising from $95,000 on January 1 to $106,000 as of today. It has also jumped by over 42% from its lowest point in April, with analysts expecting more gains ahead.
Brad Garlinghouse Bitcoin Price Forecast
In a recent statement, Brad Garlinghouse, the head of Ripple Labs, delivered a highly bullish Bitcoin price prediction. He expects the coin to surge to $200,000 by the end of the year. If this happens, it will be an 88% surge from the current level, pushing its market cap to over $3.9 trillion.
Garlinghouse argues that the Bitcoin price has more upside due to the US government, which has shifted from a protagonist to a supporter. Donald Trump has embraced the industry and stated that he would support the US launching a Strategic Bitcoin Reserve.
Other politicians have also adjusted their stance on the cryptocurrency market. For example, the GENIUS Act attracted support from Republican and Democratic senators.
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Other top players in the financial and crypto markets have supported the industry. For example, Charles Hoskinson, Cardano’s founder, has predicted that the Bitcoin price will surge to $250,000 later this year.
Similarly, Tom Lee, the founder of FundStrat, believes that the Bitcoin price will surge to between $150,000 and $250,000 by the end of the year. He believes that it can surge to $3 million in the long term and that Bitcoin is now more valuable than gold due to its limited supply.
Lee argued that demand is outstripping supply, now that 95% of all Bitcoin that will ever exist has been mined, and 95% of the world’s population does not own it yet.
Cathie Wood, the founder of Ark Invest, believes that the coin will continue to surge and reach $2.4 million by the end of the decade.
Most notably, the data shows that Bitcoin supply on exchanges has plummeted to 1.1 million, down from the year-to-date high of over 1.4 million.
Bitcoin Price Technical Analysis
The daily chart below shows that the BTC price is highly bullish. It is now forming a bullish flag pattern, a popular continuation sign comprising a vertical line and a rectangle resembling a hoisted flag.
This flag pattern closely resembles the shoulder section of the cup-and-shoulders pattern. C&H is one of the most popular bullish signals in technical analysis.
Therefore, the coin is likely to bounce back and possibly retest its year-to-date high of $111,900. Using the C&H pattern, one can estimate the most viable Bitcoin price target to be around $150,000.
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