According to 4 estimates from investors and financial companies with a recognized track record, the new all-time high price (ATH) that Bitcoin (BTC) reached a week ago will not be a record for the year. He says it could still rise between 60% and 370% from its current level.
The currency is now trading around $67,000 (USD), indicating a general retracement of an uptrend, as seen below. This follows a 90% surge for two months until reaching an ATH at US$73,700 last week.
Standard Chartered: Bitcoin will continue to rise in 2024 and 2025
Given this behavior, Standard Chartered, the British-based multinational bank, raised its value estimate for the currency this week. According to this financial company established in 1969 Is US$820 billion worth of assets, Bitcoin It will reach US$150,000 at the end of 2024 and US$250,000 in 2025.,
This prediction by Standard Chartered comes after at the beginning of the year it had predicted its price to be US$100,000 by the end of 2024 and US$200,000 by the next. As CryptoNoticias shared, its new, more bullish objectives are based on demand for a Bitcoin exchange-traded fund (ETF) launched in the United States.
Such ETFs have garnered investments of more than $11 billion. Bitcoin has gained momentum since its launch two months ago. This is despite the fact that this week they recorded their biggest ever capital outflow which resulted in a fall in prices.
Robert Kiyosaki: Bitcoin will reach $300,000 very soon
Whoever expanded his projection is Robert KiyosakiAn investor with over 50 years of experience received recognition for his book “Rich Dad, Poor Dad.” As CryptoNoticias shared, he said this month that Bitcoin would reach US$300,000 by the end of 2024, two weeks after he said it would reach US$150,000 by the middle of the year.
One reason for Kiyosaki’s bullish hopes is this coincidence, The event, which reduces Bitcoin issuance every four years to limit selling pressure from miners, has its next date in April 2024.
Additionally, it will only be halved until a total of 21 million Bitcoins have been mined, which is different from fiat currencies like the dollar, which can be issued indefinitely. This is one of the fundamental factors why Kiyosaki believes that the US currency will eventually “die” and recommends buying BTC.
Peter Brandt raised his hopes
In addition to Standard Chartered and Kiyosaki, Peter Brandt, an American investor with more than 50 years in the business, said a month ago that Its target for the current Bitcoin bull cycle has been raised from $120,000 to $200,000, According to the historical behavior of the currency, let us assume that this upward phase could extend till September 2025.
In his case, he attributes this estimate to technical analysis data, precisely the fact that the price has crossed its ascending channel of 15-month high and low. This can be seen in the following graph.
Ark Invest: Access to Bitcoin becomes easier with the advent of ETFs
Additionally, Ark Invest, USD Management Company 16.9 billion The issuer of a Bitcoin ETF has expressed strong bullish expectations in the digital asset in a recent report. They argue that if institutional investors were to allocate 1%-4.8% of their portfolios to the digital currency, Its price will increase to US$120,000-550,000,
With the advent of ETFs in the United States, which facilitate access to institutional investors with regulatory approval, the possibility of such allocations has been placed on the table.
More bullishly, Ark Invest also points out that, if institutional investors dedicated a percentage of 19.4% as they see fit, the price of BTC would increase to $2.3 million.
Meanwhile, BlackRock, the 1988-born company which has the most assets under management and Bitcoin ETF in the world, has also shown bullish confidence. Although they have not indicated a value projection, their managers consider 84.9% of the portfolio invested in the currency to be optimal.
