Bitcoin to the moon? Some crypto data experts certainly think so.
The price of Bitcoin is currently at $72,880, data from CoinGecko shows. Earlier on Wednesday, it hit another new all-time high price of over $73,600 per coin, continuing a recent string of upward surges.
The new heights are down to the continued success of the spot BTC exchange-traded funds (ETFs), which are receiving record inflows amid rising demand from traditional investors. Bitcoin is said to be in price discovery mode right now, which means that the cryptocurrency has reached an all-time high price and now is charting new territory.
When will it stop?
It’s still got a long way to go, experts told Decrypt. But just how high depends on various factors and which valuation model an analyst uses.
On-chain data firm CryptoQuant told Decrypt that by using its Bitcoin Metcalfe price valuation band, a metric that observes the number of users in the network, “the top cycle valuation here is $170,000.”
Bitcoin touching $170,000 per coin this year? Other reputable analysts have made similarly bullish claims—though not quite as high as that.
As Bitcoin ETFs Gain $1 Billion in One Day, Analyst Warns of Liquidity Crunch
Demand for U.S. Bitcoin spot ETFs smashed another record on Tuesday, exceeding $1 billion of daily net inflows for the first time ever. Outflows from the Grayscale Bitcoin Trust (GBTC) are still consistent, but have slowed to $79 million—down from $494 million a day prior. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) hauled a record $849 million, with smaller rivals like VanEck gathering $82 million. [1/4] Bitcoin ETF Flow - 12 March 2024 All data in. Record day with over $1 billion of n...
Global investment firm AllianceBernstein analysts, for example, said in a Monday research note that Bitcoin was likely to continue to soar due to the massive success of spot Bitcoin ETFs.
Its price could hit $150,000 per coin by 2025, analysts Gautam Chhugani and Mahika Sapra argued.
The reason, they said, was that IRAs, private banks, and traditional pools of capital such as sovereign wealth funds don’t yet have exposure to the new ETFs. But when they do, more capital will flood into the space.
Bitcoin Sets New All-Time High—But What's the Actual Record Price?
The crypto industry rejoiced today on news that Bitcoin had broken its previous record for all-time highest (ATH) price. But whether the coin actually broke that record—and what the number to beat even was in the first place—depends on who you ask. Decrypt, for example, reported the news Tuesday morning based on American crypto exchange Coinbase showing a high price above $69,324 following numerous close calls since Monday. Coinbase's previous all-time high was listed under the $69,000 mark. Ro...
Bitcoin is also undergoing a big change in April: the halving. The event, which happens approximately every four years, will slash the rewards miners receive in half. Miners, which work using heavy-duty computer rigs to keep the network secure and mint new coins, will have to work even harder.
As analysts have previously told Decrypt, the halving is bullish for Bitcoin because the rate at which new coins are created is slowed down. Less coins on the market means a higher price—if the demand is there.
Drake Shared Michael Saylor's Bullish Take on Bitcoin to His 146 Million Instagram Followers
Music superstar Drake has over 146 million followers on Instagram, and on Tuesday, those fans were treated to an education on Bitcoin from MicroStrategy co-founder Michael Saylor. The clip was taken from an interview Saylor did with CNBC’s Andrew Ross Sorkin yesterday. “Michael Saylor on Bitcoin,” Drake’s caption said. A known fan of Bitcoin, Drake previously posted an image of a diamond-encrusted Ledger hardware wallet to his Instagram account in 2022. The Canadian rapper walked away with $381,...
Bulls have a point: After each previous halving, the price of the asset has increased massively in value—not immediately, but slowly—following the event.
Markus Thielen, Head of Research at 10x Research, added that the U.S. presidential election this year will play a part, too: After previous elections, the coin has run up in price. This year, he added, the biggest coin could hit $125,000.
What is Bitcoin?
—Bitcoin started it all. It was the first cryptocurrency, and it launched an industry that now includes thousands. But who invented it, how does it work, and why is it so important? What is Bitcoin? Bitcoin (BTC) is a peer-to-peer cryptocurrency. Think of it as a digital token. You can't physically touch or hold Bitcoins, and all Bitcoin transactions are logged on a public, decentralized, immutable ledger. The first official purchase using Bitcoin was for pizza in May 2010. Two pizzas from Papa...
While Ro Shirole, Chief Commercial Officer at Saxet, said: “No one knows for sure due to numerous outside factors, however I wouldn’t be surprised if we see a high between $120,000 and $180,000 before the end of the year.”
He also said that some predictions are too bullish, adding that people were making predictions that the coin would hit $350,000 back in 2021.
At the end, all one can do is guess—anything can happen.
Bob Bodily, CEO of Bitcoin Ordinals marketplace Bioniq, told Decrypt that while the bull run looks good, “You can make guesses—like everyone really wants to do—and that’s about it.”
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
