A widely followed crypto analyst is forecasting that Bitcoin (BTC) could reach a six-figure price over the coming months.

The pseudonymous host of the InvestAnswers YouTube channel says in an interview that Bitcoin could skyrocket by up to 282% from the current level driven by increased demand a few months after the approval of spot Bitcoin exchange-traded funds (ETFs).

According to the InvestAnswers’ host, what the institutional investors have put in in the ETFs is only a “small allocation game”, but that is about to change.

“Well, the money hasn’t arrived yet, so the institutions are coming. They watched for 90 days, this has been kind of an ETF small allocation game so far. And when the big money starts allocating, even if it’s just 1% of their assets under management, the price theoretically can very easily go north of $200,000, $250,000.”

Bitcoin is trading at $65,300 at time of writing.

According to the InvestAnswers’ host, Bitcoin is on the cusp of witnessing a drastic reduction in the supply.

“My conservative price target, I have upped it for this bull run from $150,000 to about $170,000 if this ETF consumption continues.

Now when we hit a supply crunch things could get really bonkers and that means if nobody is selling. And there will always be people who bought Bitcoin at say $1,000, $3,000 and $10,000… they’ll be selling a piece to pocket some cash. That is not going to satisfy the appetite from these big institutions that are coming in.”

The pseudonymous host of InvestAnswers says that his conservative price target could be achieved earlier than the 18 months it typically takes for Bitcoin to reach a new all-time high post-halving.

“I have noticed things are happening a lot earlier, a lot faster which means that 18 months could be brought forward a little bit to maybe early summer 2025…

So that $170,000 target is for mid-2025 approximately.”

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The post ‘Things Could Get Really Bonkers’ – Bitcoin Primed To Explode by up to 282% if This Happens: InvestAnswers appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ April 20, 2024 12:21 pm