The world's biggest cryptocurrency by market cap reached a record high of $73,000 on Wednesday, but the Bitcoin price dropped back to around $69,000 within a few days, struggling to reclaim the levels reached. With continued demand from retail investors after the SEC approved 11 Bitcoin ETFs on January 11 and the Bitcoin halving event coming up in April, some crypto market experts remain bullish on the Bitcoin price despite short-term volatility threatening gains.
Here's a roundup of what the top market experts had to say about the outlook for the Bitcoin price, the most popular cryptocurrency in the world.
Binance CEO sees Bitcoin price at $80K, Bernstein projects $150K
According to Binance CEO Richard Teng, the world's flagship crypto will top $80,000 on ETF inflows. He told Bloomberg that the Bitcoin ETFs are attracting hordes of institutional investors, and funds are just beginning to flow into these instruments.
This week, Bernstein analysts said that the most recent rally solidified their view that the Bitcoin price would reach $150,000 by mid-2024. They first made this prediction at the end of last year. Gautam Chhugani and Mahika Sapra of Bernstein repeated their bullish forecast. They claimed the Bitcoin price was poised for a breakout as demand from ETF customers remained high and in view of the halving in April. They wrote to Business Insider that they estimated Bitcoin inflows of $10 billion for 2024 and $60 billion for 2025.
Kris Marszalek: Bitcoin price volatility is comparatively low
Crypto.com CEO Kris Marszalek gave some reassurance to traders reeling from the Bitcoin price's sudden plunge: compared to previous historical cycles, volatility is actually low. He told CNBC the decline was mainly driven by a correction and events in the options market. He predicted a "steady ramp up" because people will want to hold Bitcoin "for decades, not days or weeks."
Michael Novogratz: Bitcoin price will never dip below $50K
The CEO of Galaxy Digital is confident Bitcoin's latest run will have staying power despite the volatility, which is typical. The traditional Bitcoin bull, who made a very exact prediction for Bitcoin ETF approval, is certain the Bitcoin price will stay above $50,000 unless disaster strikes.
He noted that mainstream adoption of the flagship crypto and investors' thirst for Bitcoin were the two factors fueling the recent rally. In his opinion, government debt and Fed policy do not play much of a role. He told CNBC that these Bitcoin price market developments reflected the American people's vote: people like Bitcoin and digital assets.
Bitcoin sees $104M in liquidations in 24h
The weekly Bitcoin price low of $65,000 reverberated across the crypto market, transforming investor sentiment and market dynamics. A surge in liquidations followed. In 24 hours, more than 151,000 traders were subjected to margin calls, according to TradingView data. The process draws attention to the scope of market upheaval. As Bitcoin dominates the crypto market, it holds the lion's share of the total liquidations, playing a pivotal role in overall market trends.
The price drop resulted in total market liquidation reaching $426 million, and the Bitcoin price took the worst hit. Bitcoin liquidations exceeded $104 million in 24 hours, with short traders losing $18 million and long traders losing $86 million.
The bears react
This development was a boon to Bitcoin bears such as Markus Thielen, CEO of 10x Research, who expects further Bitcoin price downside. He predicted a potential decline to $63,000, sending traders a sobering message and urging prudence and caution in navigating the current environment. Low liquidity and trading volumes would exacerbate the risk of sharp Bitcoin price corrections.
JPMorgan unperturbed by Bitcoin price action
JPMorgan Chase CEO Jamie Dimon, a longtime cryptocurrency skeptic, "defended" people's right to invest in Bitcoin by comparing it to the right to smoke a cigarette. He made this statement during a business summit in Australia on March 12. In the past, he commented that US regulators should shut Bitcoin down.
JPMorgan Chase researchers do not believe the upcoming Bitcoin halving is a bullish catalyst for the Bitcoin price, which could lose a third of its value after the halving event. They noted that they expected the Bitcoin price to drift toward $42,000 after "the halving euphoria subsides."
The biggest champion: Bitcoin will eat gold
Michael Saylor, the CEO of MicroStrategy, always makes the most positive Bitcoin price predictions. MicroStrategy holds more than 200,000 Bitcoin, worth a whopping $15 billion at recent prices. According to its CEO, MicroStrategy intends to keep buying Bitcoin.
He has said that Bitcoin would "eat gold" because it has all the best properties of gold but none of the downsides. Because it's digital, Bitcoin can be traded much faster than gold. It's available to trade 24 hours a day, seven days a week. According to Saylor, most assets are traded less than 20% of the time.
After the Bitcoin halving in April, the lower supply will continue to propel demand, pushing the Bitcoin price even higher. Saylor said miners were "the natural sellers."
Altcoin Daily founder: Bitcoin price will double within a year of halving
Austin Arnold, crypto market analyst and Altcoin Daily founder, delved into Bitcoin's supply mechanics and the potential consequences for the market. He looked at historical Bitcoin price patterns around halving events. In his opinion, the excitement is now unprecedented and the market environment is much livelier and more vibrant than in previous cycles.
Potential Bitcoin price upside of $150,000
Historically, the Bitcoin price has been relatively stable before a halving event, fueled by more supply on exchanges. Now, there is a new factor: fear of missing out (FOMO) on the part of institutions, which is driven by demand for inflation-resistant assets like Bitcoin. This may lead to a shock in supply and demand before the halving event.
Arnold predicted the Bitcoin price could double within a year of the halving, ranging from $100,000 to $150,000 and directed by the basic principle of supply and demand. He did acknowledge the inherent volatility of the market, indicating that bull markets overvalue assets and bear markets tend to undervalue them. Thus, the Bitcoin price will ultimately settle at a fair level.
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