Peter Chung from Presto maintains a Bitcoin price target of $210,000 for 2025, driven by institutional adoption. He suggests recent market corrections may ultimately strengthen Bitcoin’s position. Chung describes Bitcoin’s dual nature as both a risk-on asset and a safe haven akin to gold, indicating the potential for future growth despite market volatility.
Peter Chung, an executive at Presto, has declared a price target of $210,000 for Bitcoin by 2025. In his recent interview with CNBC, Chung remained unfazed by the volatility in the market, stating that their outlook on Bitcoin hasn’t changed. He attributes this bullish forecast largely to institutional adoption and the expansion of global liquidity, key factors he believes will push Bitcoin to new heights.
Chung described the recent volatility as a “healthy correction,” asserting it sets the stage for Bitcoin’s evolution into a more mainstream asset. He suggests that this current price pullback could actually enhance Bitcoin’s credibility in the financial world, making it more appealing to investors. The executive is optimistic about Bitcoin’s future, claiming that such setbacks only reinforce its market position.
Maintaining his stance, Chung noted that Bitcoin behaves in two contrasting ways: it functions either as digital gold or as a risk-on asset, depending on prevailing market conditions. In regular scenarios, Bitcoin acts as a risk-on asset, influenced by user adoption and the network effect, much akin to internet-based companies. However, during times of crisis, Bitcoin tends to show characteristics similar to gold, acting as a safe haven for investors.
Chung highlighted instances where Bitcoin’s price behaviour mirrored that of gold, particularly during market instability sparked by events like the invasion of Ukraine, the collapse of Silicon Valley Bank, and recent tariff announcements. According to him, during these crises, Bitcoin’s design, echoing the scarcity of physical gold, kicks in, demonstrating its dual nature effectively during market turbulence.
Acknowledging that macroeconomic events didn’t unfold as expected, Chung nonetheless views the recent market dip as ultimately advantageous for Bitcoin’s long-term viability as an asset. He believes that the price corrections provide opportunities for investors to reassess Bitcoin’s true value within their portfolios. His team has been analysing whether the recent fluctuations exposed any structural vulnerabilities within crypto markets.
Chung’s remarks coincide with news of MicroStrategy acquiring 15,355 Bitcoin for a staggering $1.42 billion. Such large-scale purchases from institutional giants could very well influence Bitcoin’s price trajectory positively in the future. As it stands, Bitcoin is currently trading at around $93,000.
