Bitcoin Bull Market Projected to Hit Record Highs

Bitcoin is projected to increase by 150% in the current bull market cycle, potentially reaching $180,000. This prediction is supported by factors such as spot Bitcoin ETFs, reduced supply after the upcoming halving, and improved financial policies in the US. Other analysts have made similar forecasts, with targets ranging from $120,000 to $337,000. Notable figures like Cathie Wood of Ark Invest have even suggested a $1 million Bitcoin price by 2030. Bitcoin recently regained $70,000 after a 10-day dip, indicating a positive trend.

Bitcoin Bull Market Projected to Reach New Heights

March 27, 2023

Renowned quantitative trading expert and CEO of Acheron Trading, Laurent Benayoun, has forecasted a remarkable surge in Bitcoin (BTC) value during the current bull market cycle. Benayoun anticipates a potential price peak of $180,000 for BTC, driven by a confluence of factors.

Spot Bitcoin ETFs and Halving Fuel Price Boom

The anticipated price rally stems from the introduction of spot Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving. ETFs have introduced passive demand, attracting investors who are less sensitive to price fluctuations. The halving, which occurs approximately every four years, reduces the supply of new Bitcoins entering the market, creating upward price pressure.

Benayoun stated, "If we examine historical market performance, the multiplier on the all-time high tends to decrease with each cycle. By applying this rationale, we estimate a price range of $120,000 to $180,000 per unit."

Improving US Financial Policy Bolsters Bitcoin

Benayoun also believes that improving financial policy in the United States will contribute to Bitcoin's price appreciation. He expects a reduction in interest rates, which have been relatively flat, leading to downward pressure on interest rates.

Convergence of Price Predictions

Benayoun's prediction aligns with several other recent forecasts. Bitfinex analysts project a price target of $120,000 by the end of 2024, citing passive demand from ETFs and a conservative market capitalization estimate.

Wealth management giant Bernstein anticipates a breakout to around $150,000 following the halving by mid-2025. More bullish targets include Bitcoin analyst Willy Woo's prediction of a potential peak at $337,000 in the upper bound of his price model.

Seven-Figure Price Targets Emerge

Remarkably, seven-figure price targets are also gaining traction. Ark Invest's Cathie Wood has revised her earlier estimate of a $1 million Bitcoin price by 2030, considering it too conservative in light of growing institutional involvement. Wood believes the incremental price associated with institutional investment has more than doubled.

Bitcoin Reclaims $70,000 Mark

On March 25, Bitcoin regained the $70,000 level for the first time in 10 days. The cryptocurrency has gained over 6.3% on the weekly chart, currently trading around $70,800.

Disclaimer

This article is not intended as investment advice or recommendations. Cryptocurrency trading involves significant risk, and investors are urged to conduct thorough research before making any financial decisions.