Bitget director predicts Bitcoin price target of $200,000 in bullish market cycle
Bitcoin is poised to make a remarkable comeback, as experts predict that its price could surge by 4% and potentially reach three times its current value during this bullish period.
According to Gracy Chen, the managing director of Bitget, Bitcoin (BTC) has the potential to reach an impressive price range of $180,000 to $200,000 in the ongoing cycle. This optimistic projection is based on the growing interest in the top cryptocurrency by institutional investors.
As of now, BTC is trading above $67,200, showing a significant increase of over 6% in the past 24 hours, according to data from CoinGecko.
Despite investors cashing out nearly $9 billion from Grayscale’s GBTC exchange-traded fund, nine spot BTC ETF issuers have managed to attract more than $7 billion in cumulative inflows, as revealed by data from SoSoValue. These new Bitcoin fund providers have amassed a total of at least 750,000 BTC since trading began on U.S. exchanges on January 11, and they currently hold over $20 billion in assets under management.
Experts and analysts are predicting a forthcoming supply shock, especially with the Bitcoin halving expected to take place next month. In April, the network will reduce the mining reward for new blocks by 50%, effectively slowing down the rate at which new Bitcoin enters circulation and maintaining its scarcity to control inflation.
Opinion leaders such as Matrixport, Fundstrat’s Thomas Lee, and Anthony Scaramucci believe that the increasing demand from spot Bitcoin ETFs, coupled with the halving event and the influx of institutional money, will trigger a parabolic surge in BTC price that will surpass its previous all-time high.
The surging price of Bitcoin has resulted in significant gains for most holders, with data from IntoTheBlock showing that 99.75% of BTC addresses are now in profits. This means that the losses incurred by investors who bought during the peak of the previous bull run have been almost completely recovered.
Less than 1% of holders, approximately 7,680 addresses, are currently experiencing losses. However, if BTC manages to surpass $67,413 for the first time since late 2021, these holders could also see profits on their positions.
In conclusion, Bitcoin’s price is on a remarkable upward trajectory, with experts predicting a significant surge in value. With growing institutional interest, the upcoming halving event, and the influx of spot Bitcoin ETFs, Bitcoin could potentially reach new record-breaking heights.
