$$$$Bitcoin to $350,000? Bulls say the current rally is just the beginning.$$$
Bitcoin on Monday surged above $72,000, a new all-time high, but that’s far from the peak expected by some who track the world’s largest cryptocurrency.
Lender Standard Chartered anticipates bitcoin will reach $100,000 by the end of the year. Research firm Fundstrat has a target range of $116,000 to $137,000. Hedge fund SkyBridge predicts $170,000 by April 2025.
"Bitcoin is like art," said a Wall Street research analyst who requested anonymity. "There's no way to come up with a target.”
That hasn’t stopped other financial firms from trying — and setting the price significantly higher than it is today. Some of the companies making these predictions also sell products that provide investors with exposure to the digital asset.
One is VanEck, among the money managers that received approval from the Securities and Exchange Commission in January to launch a new spot bitcoin exchange-traded fund.
VanEck recently scrapped its $80,000 target for 2024 as bitcoin began hitting new all-time highs in the past week. However, the firm's "medium-term" target of $350,000 still holds.