[Bitcoin’s path to $150,000: How likely is it? 】
Bitcoin (BTC) prices have surged recently, reaching $66,700 on May 16 and currently holding around $65,800. The rally was driven by expectations of slower U.S. inflation and lower federal interest rates.
Recent U.S. economic data showed the consumer price index (CPI) rose at an annual rate of 3.4% in April, down from 3.5% the previous month, fueling speculation of a federal rate cut. Other central banks such as the Bank of England (BOE) and the European Central Bank (ECB) are also likely to cut interest rates in June, which increases market liquidity for risk assets including cryptocurrencies.
Former BlackRock executive Salim Ramji has been named Vanguard’s new CEO, sparking speculation about whether the company will introduce a Bitcoin ETF. Although Ramji said he would maintain Vanguard's investment philosophy, market interest and participation in Bitcoin has increased significantly.
Andrew Tate said on X that he moved more than $100 million in assets into Bitcoin, showing distrust of the traditional banking system. Eric Balchunas, an ETF analyst at Bloomberg, pointed out that 414 institutions held Bitcoin ETF IBIT in the first 13F filing quarter, indicating increased interest from institutional investors.
Renowned trading expert TradingShot predicts that Bitcoin could reach $150,000 in August 2024. He considers Bitcoin’s 25% correction and subsequent rally to be normal during a bull cycle. Another analyst, Michaël van de Poppe, predicts that Bitcoin will steadily rise towards the 60,500 support level.
Bitcoin broke above the $65,000 resistance, hinting at a potential new high. Analyst Peter Brandt also expressed optimism about Bitcoin’s future price. However, investors should conduct their own research and consider risk tolerance and never invest more than they can afford to lose.
