Bitcoin Price Forecast: Up to $210K This Year, Says Presto Research Head

Peter Chung from Presto predicts Bitcoin could surge to $210,000 this year due to institutional adoption and global liquidity. Bitcoin’s dual role—risk-on asset and digital gold—along with historical events, influence its market behaviour. Distinct analysis using the MVRV ratio backs up this forecast. Other analysts share bullish views, with targets from $180,000 to $500,000 also suggested.

In a recent forecast, Peter Chung, who heads research at Presto, a quantitative trading firm, has predicted that Bitcoin could potentially reach as high as $210,000 this year. Speaking with CNBC on April 28, he cited significant institutional adoption and increased global liquidity as the main factors fuelling this optimistic view on Bitcoin’s price trajectory.

Despite Bitcoin’s history of price fluctuations, Chung noted that these corrections are part of the asset’s journey towards mainstream recognition. He articulated Bitcoin’s nature—acting as a “risk-on” asset when market sentiment is positive, but also serving as a “digital gold” in times of financial crisis.

Chung pointed out several past events, such as the Russia-Ukraine conflict in 2022 and the collapse of Silicon Valley Bank in 2023, demonstrating Bitcoin’s role as a risk-on asset. However, he mentioned that such responses are relatively rare. Although Bitcoin lagged behind traditional safe assets like gold during recent market turmoil, he believes it still has the potential to rally and perhaps outperform them by the end of the year based on emerging trends.

Previously, in January, Chung had also forecasted the $210,000 target, attributing it to expectations of continuous global liquidity expansion. His analysis rests on the Market Value to Realized Value (MVRV) ratio. This metric compares Bitcoin’s current market price against the average price at which coins last moved, providing insights into market extremes. He explained how Presto projected Bitcoin’s realized value for 2025 and applied a historical multiplier of 3.5 to establish this ambitious target.

It’s worth noting that other analysts share a bullish outlook for Bitcoin. Robert Kiyosaki, famed for his book “Rich Dad Poor Dad,” anticipates Bitcoin reaching between $180,000 and $200,000 by 2025. Kiyosaki views Bitcoin as a hedge against inflation and even aims for a whopping $1 million target by 2035.

In another corner of the market, Michaël van de Poppe, who heads MN Consultancy, has observed that large Bitcoin holders, or “whales,” are increasingly accumulating Bitcoin despite current price levels. This whale activity is interpreted as a sign of robust market confidence. According to van de Poppe, should this momentum sustain, Bitcoin could surge potentially towards the much higher range of $300,000 to $500,000, exceeding both Presto’s and Kiyosaki’s projections.

Lastly, an important reminder: This article serves informational purposes only and should not be construed as financial advice. The opinions expressed here are those of the author and do not necessarily represent the stance of The Crypto Basic. Investors are urged to conduct their own research before making investment choices, as The Crypto Basic bears no responsibility for any financial losses incurred.