Crypto Trader Believes Bitcoin Price Forecast of $150,000 is Too Conservative Due to Increasing Adoption
With Bitcoin (BTC) surpassing $100,000 once again, approaching a new all-time high (ATH), many crypto analysts foresee the primary cryptocurrency hitting around $150,000 in this market cycle. Yet, some experts argue that this target is “insufficient” for BTC given its increasing adoption and changing market dynamics.
Bitcoin’s Price Targets
Crypto trader Alex Becker recently shared his thoughts on Bitcoin’s price momentum. While the consensus predicts BTC peaking at $150,000 this cycle, Becker believes this target is “much too low and limited.”
Becker pointed out that at $150,000, Bitcoin’s market capitalization would be only one-sixth of gold’s, indicating substantial room for growth. He described the idea of BTC only reaching one-sixth of gold’s market cap as “ridiculously low.”
Currently, Bitcoin’s total market cap is $2.06 trillion, significantly lower than gold’s market cap of around $18.5 trillion.
According to the trader, the current market cycle presents a different scenario for BTC compared to past cycles. The top cryptocurrency stands to benefit from favorable regulations under Donald Trump’s administration and an increase in adoption by corporations and sovereign nations as a store of value.
Becker projects that, driven by these factors, BTC could peak anywhere from $250,000 to $400,000, aligning with crypto analyst Will Clemente’s outlook.
In a recent post on X, Clemente suggested that if a nation adopts Bitcoin as a strategic reserve asset, it could lead other countries to do the same, creating a game-theoretic scenario where nations want to preserve their purchasing power.
Impending BTC Supply Crunch?
As more companies add Bitcoin to their balance sheets and speculation grows about the possibility of a US strategic Bitcoin reserve, the active supply of BTC may face pressure.
Crypto analyst Miles Deutscher highlighted in a recent post on X that Bitcoin balances on exchanges have hit a seven-year low. Historically, reduced exchange supply has been linked to significant price surges for the asset.
Further projections suggest that BTC could potentially reach a peak of around $200,000 by summer 2025. Currently, Bitcoin is trading at $103,973, marking a 5.7% increase in the last 24 hours.
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Filed under: News - @ January 18, 2025 2:22 am