Bitcoin Could Reach $180,000 in Ongoing Bull Run, Predicts Acheron Trading CEO
Summary:
Laurent Benayoun, the CEO of Acheron Trading, predicts that Bitcoin could see an increase of an extra 150% during the ongoing bull market cycle, with a potential top of $180,000. Predictions are based on factors such as the presence of Bitcoin on spot exchange-traded funds and an expected reduced supply after the upcoming Bitcoin halving. Other industry experts also foresee significant Bitcoin price growth, with some even discussing seven-figure price targets.
Laurent Benayoun, the Chief Executive Officer of Acheron Trading and a specialist in quantitative trading strategies, suggests that Bitcoin (BTC) could gain an extra 150% during the ongoing bull market cycle. His estimation predicts a potential top of $180,000 for BTC. Factors contributing to this prediction include the presence of Bitcoin on the spot exchange-traded funds (ETFs), and the reduced supply expected after the upcoming Bitcoin halving.
When examining historical data, Benayoun noticed that each cycle decreases the multiple on the all-time high. By maintaining this trend, the next cycle could see Bitcoin reach between $120,000 and $180,000 per unit. He also believes changes to US financial policy, such as a predicted reduction in interest rates, will play a part in Bitcoin's increase in value.
There is a consensus among many forecasts that aligns with Benayoun's prediction. Bitfinex analysts predict the Bitcoin price will strike $120,000 by the closing of 2024, as revealed in a research report to Cointelegraph. Wealth management firm Bernstein also maintains high expectations, foreseeing a Bitcoin surge to around $150,000 post-halving by mid-2025.
In the most bullish scenarios, estimations position Bitcoin peaking at $337,000. Bitcoin analyst and CMCC Crest managing partner, Willy Woo, indicated that the current bull market is still in its early stages, suggesting reach far beyond its current surge.
Talk of seven-figure price targets is also in the air, with Ark Invest's Cathie Wood stating her conviction that a $1 million Bitcoin price by 2030 is on the low side. Wood's prediction exceeds that figure, highlighting increased expectations for institutional involvement.
This optimism was somewhat validated as Bitcoin surpassed the $70,000 mark on March 25, for the first time in a fortnight, seeing a weekly rise of over 6.3% and sitting at around $70,800.
It is crucial, however, to note the risks involved in any investment or trading decision and encourage individuals to conduct their own due diligence and research prior to making any decision.
Published At
3/29/2024 1:20:00 AM
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