Matt Hu, CEO of cryptocurrency analysis company Blofin Research, offered an in-depth look at Bitcoin's post-halving potential in his latest analysis.
Hu emphasized that the recent launch of Bitcoin Spot ETFs is a significant development. These ETFs offer US institutions the ability to invest in Bitcoin directly and effectively, unlike previous methods. Hu believes the ease of investing in Bitcoin through ETFs could potentially increase its price in the long run, even if some of those funds are directed to other cryptocurrencies.
Stating that market sentiment in the cryptocurrency sector is currently high, Hu pointed out that the fear and greed index shows this situation. However, he also pointed out that Bitcoin's Google search index is not as high as it was at the 2021 and 2017 bull market peaks. While these two indicators measure general user sentiment, the perspective of professional institutions can be understood by looking at trading behavior in the options market.
According to research by BloFin Academy, institutional investor demand for Bitcoin is expected to inject an additional $70 billion to $100 billion of capital by 2024. According to Hu, this influx of capital is likely to further increase the price of Bitcoin.
Expressing his confidence in the future of Bitcoin, Hu said, "I do not see any significant risk that could disrupt this trend at the moment. I think Bitcoin will exceed $ 80,000 by the middle of this year and $ 100,000 within a year." said.
He based his prediction on several factors, including the Fed increasing liquidity over the next 12 months and expected interest rate cuts that would provide more solid support for Bitcoin's price. He also noted that full regulation of crypto-related products would attract more funds to Bitcoin by accelerating the listing of Bitcoin and Ethereum ETPs.
Hu also claimed that Bitcoin's price will rise further as demand for Bitcoin increases in macro asset allocation and BTC's broader use cases.
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