Bitcoin Valuation “Still Super Low,” Market Veteran Eyes $300,000 to $600,000
The post Bitcoin Valuation “Still Super Low,” Market Veteran Eyes $300,000 to $600,000 appeared on BitcoinEthereumNews.com.
Recent statements from BlackRock, the $9 trillion asset management company, have drawn attention to Bitcoin’s role as a hedge against increasing global disorder and geopolitical uncertainty. Describing Bitcoin as a “global monetary alternative,” BlackRock noted its ability to protect investors during times of financial instability. This statement has bolstered analysts’ predictions that Bitcoin’s price may continue to climb, particularly as faith in traditional systems weakens. Higher Price Targets for Bitcoin Following BlackRock’s remarks, industry experts have revised their price targets for Bitcoin, forecasting significant growth in the coming years. Michaël van de Poppe, Chief Investment Officer at MN Consultancy, suggests that Bitcoin could reach values between $300,000 and $600,000 within this market cycle. This explains it all. The current valuation of #Bitcoin is still super low. I wouldn’t be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A — Michaël van de Poppe (@CryptoMichNL) September 12, 2024 Particularly, the market veteran believes that Bitcoin’s current valuation remains significantly low compared to its potential. It is important to recall that after the launch of BlackRock’s Bitcoin ETF, the crypto surged in price, hitting a new all-time high of $73,000 in March 2024. The rise of crypto-based ETFs, particularly those focused on Bitcoin and Ethereum, has also captured the finance sector’s attention. Not an Isolated Prediction Notably, this isn’t the first time Bitcoin price predictions have emerged from ETF issuers. VanEck, a prominent issuer of Bitcoin and Ethereum spot-based ETFs, has previously outlined price projections for Bitcoin by 2050. VanEck estimated that Bitcoin could reach $2.91 million by 2050. According to the company, this would result in a total market capitalization of $61 trillion for the cryptocurrency. In their analysis, the investment firm believed growing interest in Bitcoin could be a primary factor pushing its price to these high levels. Optimistic Forecasts Amid Political Tension…
Filed under: News - @ September 13, 2024 9:23 am