Peter Chung from Presto Research forecasts Bitcoin might hit $210,000 this year, citing institutional adoption and global liquidity as key factors. He discusses Bitcoin’s duality in market conditions, its past performance, and employs the MVRV ratio for price predictions. Other analysts, including Robert Kiyosaki, are optimistic too, with predictions ranging from $180,000 to even $1 million by 2035. Whale activity in the market signifies strong confidence as well.
Bitcoin is generating buzz as it might hit $210,000 in 2023, according to Peter Chung, who leads research at Presto, a quantitative trading firm. In an April 28 interview with CNBC, he highlighted institutional adoption and growing global liquidity as key factors driving this optimistic projection.
Chung acknowledged the volatility Bitcoin has faced but suggests these dips are essential for its evolution into a recognised mainstream asset. Remarkably, he illustrated Bitcoin’s dual role; it acts as a risky asset during confident market spells and shifts to being ‘digital gold’ when financial conditions worsen.
Looking at past events like the 2022 Russia-Ukraine conflict and the collapse of Silicon Valley Bank, Chung pointed out Bitcoin’s tendency to function as a risk-on asset. Although it was slower to respond compared to traditional safe havens like gold, he maintains Bitcoin still has the potential for growth as the year progresses.
Chung also mentioned the Market Value to Realized Value (MVRV) ratio methodology, which supports the $210,000 target. By analyzing Bitcoin’s current market price against the average price of moved coins, and applying a historical multiple of 3.5 times its realised value, Presto feels confident in this forecast.
It isn’t just Presto with such optimistic predictions. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” also weighs in, forecasting Bitcoin prices to land between $180,000 and $200,000 by 2025. Meanwhile, he has made a bold claim suggesting Bitcoin could reach a whopping $1 million by 2035.
Additionally, Michaël van de Poppe, founder of MN Consultancy, noted an uptick in whale activity in the Bitcoin market, meaning large holders are still scooping up coins. This continued accumulation hints at solid market confidence. Van de Poppe even suggested that if this trend persists, Bitcoin might surge to between $300,000 and $500,000.
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