Markets
Bitcoin at $350,000? Six experts on what will trigger its stall price – DL News
- Will Bitcoin break new records this year?
- Six experts, including Mike Novogratz and Arthur Hayes, weigh in on the cryptocurrency’s next move.
Bitcoin’s rally has stopped.
After its explosive growth at the beginning of the year, the cryptocurrency has been trading mostly in the $60,000 to $70,000 range.
However, market watchers say it is only a matter of time before the cryptocurrency skyrockets.
Here’s what they say.
Matthew Sigel of VanEck
Changing political winds will push Bitcoin past the $350,000 mark by 2030.
That’s according to Matthew Sigel, head of digital asset research at VanEck, an investment firm with $90 billion in assets under management.
“Election after election, this year ended with the victory of the most pro-crypto candidate,” Sigel said DL News after former president e convicted criminal Donald Trump came out like a supporter of cryptography.
President Joe Bidenon the other hand, it has adopted a more detached approach towards the sector
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Galaxy’s Michael Novogratz
Michael Novogratz, founder and CEO of cryptocurrency investment firm Galaxy Digital, She said The price of Bitcoin could reach $100,000 by the end of the year.
He made the prediction during a Bloomberg TV appearance, citing regulatory changes in the United States as signs that things are about to start moving fast.
He referred it to the Securities and Exchange Commission approval of Ethereum exchange-traded funds, e bipartisan support In Congress for two pro-crypto bills.
“We are getting regulatory clarity, and while it’s not perfect, we have enough that people now realize this is coming,” Novogratz said.
Matt Hougan of Bitwise
Matt Hougan, Chief Investment Officer at Bitwise, praised US politicians for supporting pro-cryptocurrency laws.
“The market will wake up to the fact that we are in a new era for cryptocurrencies, and when that happens, I suspect it will push the sector to all-time highs,” he wrote in a June article. investor note. “But until that happens, there may just be a little alpha around.”
Arthur Hayes of BitMEX
Co-founder of BitMEX Arthur Hayes he is also confident that Bitcoin will skyrocket.
The driver? The Japanese yen is weak.
In a May wiseHayes said the US government is ready to print dollars to support the yen, thus preventing Japan from selling its US Treasuries.
Cryptocurrencies will explode with more dollar liquidity in the system, Hayes wrote.
“Bitcoin is the best performing asset in the face of global fiat devaluation.”
Bernstein
According to Bernstein, unprecedented demand from institutional players will push the price of Bitcoin to $200,000 in 2025.
The estimate is an update to their previous predictions that the price of the world’s largest cryptocurrency will reach $150,000 over the following year.
“Bitcoin is in a new bull cycle,” analysts Gautam Chhugani and Mahika Sapra wrote in a report this week. They say Bitcoin will reach $500,000 in 2029 and $1 million in 2033.
The reason? The success of spot Bitcoin ETFs managed by giants such as BlackRock and Fidelity.
Eric Johansson is the news editor of DL News. Do you have advice? Email to eric@dlnews.com.