The Bitcoin rally has stalled.
After its explosive growth at the start of the year, the cryptocurrency has traded mostly within the $60,000 to $70,000 range.
However, market watchers say it’s only a matter of time before the cryptocurrency skyrockets.
Here’s what they’re saying.
VanEck’s Matthew Sigel
Changing political winds will drive Bitcoin past the $350,000 mark by 2030.
That’s according to Matthew Sigel, head of digital assets research at VanEck, an investment firm with $90 billion in assets under management.
“Election after election, this year has ended with the more pro-crypto candidate winning,” Sigel told DL News after former president and convicted felon Donald Trump came out as a crypto supporter.
President Joe Biden, on the other hand, has adopted a more stand-offish approach to the industry
Galaxy’s Michael Novogratz
Michael Novogratz, founder and CEO of crypto investment firm Galaxy Digital, said Bitcoin’s price may hit $100,000 by year’s end.
He made the prediction during a Bloomberg TV appearance, citing regulatory changes in the US as signs that things are about to start moving fast .
He referenced the Securities and Exchange Commission’s approval of Ethereum exchange-traded funds, and bipartisan support in Congress for two pro-crypto bills.
“We’re getting the regulatory clarity, and even though it’s not perfect, we’ve got enough that people now realise this is coming,” Novogratz said.
Bitwise’s Matt Hougan
Bitwise Chief Investment Officer Matt Hougan hailed US politicians for backing pro-crypto bills.
“The market will wake up to the fact that we are in a new era for crypto, and when it does, I suspect it will move the industry towards all-time highs,” he wrote in a June investor note. “But until it does, there may just be some alpha laying around.”
BitMEX’s Arthur Hayes
BitMEX co-founder Arthur Hayes is also confident that Bitcoin is going to skyrocket.
The driver? The weak Japanese yen.
In a May essay, Hayes said the US government is poised to print dollars to prop up the yen, thus preventing Japan from selling its US Treasuries.
Crypto will booms with more dollar liquidity in the system, Hayes wrote.
“Bitcoin is the best-performing asset in the face of global fiat debasement.”
Bernstein
Unprecedented demand from institutional players will drive Bitcoin’s price to $200,000 in 2025, according to Bernstein.
The estimate is an update from their previous predictions that the price of the world’s largest cryptocurrency will reach $150,000 over the next year.
“Bitcoin is in a new bull cycle,” analysts Gautam Chhugani and Mahika Sapra wrote in a report this week. They say Bitcoin will hit $500,000 in 2029 and $1 million in 2033.
The reason? The success of spot Bitcoin ETFs run by giants like BlackRock and Fidelity.
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.