Crypto bull run expected to surpass the parabolic rise witnessed in 2021, says analyst.
Kyle Chassé, the founder of Master Ventures, recently shared his optimistic outlook for Bitcoin (BTC) and Ethereum (ETH) in a video on Crypto Banter. According to Chassé, he believes that BTC will reach $100,000 and ETH will hit $7,000 this year.
Chassé expects Bitcoin to reach the $100,000 mark around May, as he anticipates a post-halving rally. However, he also predicts that there will be some pullbacks of around 15%-20% along the way. To support his forecast, Chassé points to the Bitcoin charts, which show a significant increase in buy pressure from institutional investors. This surge in institutional interest indicates a bullish sign for the market.
Unlike retail buyers, institutions are not primarily concerned with BTC prices. Instead, they focus on the number of assets they have under management (AUM) as they charge management fees. Institutions are looking for long-term investment opportunities and expect a certain level of interest in order to justify the legal fees, efforts, and commissions associated with their investments.
In addition to Bitcoin, Chassé also predicts that Ethereum will experience growth this year. Since Ethereum is not yet in the institutional realm, Chassé believes it has the potential to attract institutional investors and gain approval for ETFs. He forecasts a potential ETH season, with prices likely to reach $6,000 to $7,000.
Chassé also expresses his positive view on Solana (SOL), considering it a blue-chip cryptocurrency. He predicts that Solana will outperform Ethereum this year, with prices ranging from $500 to $1,000. Chassé attributes this potential success to institutional interest, particularly from major players like Franklin Templeton.
It’s worth noting that Chassé’s predictions are influenced by the 2021 bull run, which saw Bitcoin reach $69,000 in November. The market experienced significant growth during the COVID-19 pandemic, with a rising demand for digital payment solutions. However, the market later lost $2 trillion in value and is now in the process of making a comeback.
Overall, Chassé’s optimistic outlook for Bitcoin, Ethereum, and Solana is based on the increasing interest from institutional investors and the potential for institutional approval of these cryptocurrencies.
