The price of Bitcoin has been trading in a tight range in recent weeks, peaking at $71,935 before facing resistance and dropping to $68,000 on Thursday. Despite this pullback, analysts remain bullish on the cryptocurrency’s future.
Cathie Wood of Ark Invest has raised her long-term price target for Bitcoin to $3.8 million, making her one of the most optimistic figures in the industry. Billionaire investor Michael Novogratz predicts Bitcoin will reach $100,000 by the end of the year, while CryptoCon forecasts a year-end price of $91,539. Robert Kiyosaki, author of “Rich Dad, Poor Dad,” goes even further, predicting a surge to $350,000 by August 2024.
Analysts point to several factors supporting a bullish case for Bitcoin. Institutional interest in the cryptocurrency is growing, with spot Bitcoin ETFs holding over 880k coins valued at over $60 billion. The recent halving event has slowed Bitcoin supply growth, with mining companies reporting decreased production. Additionally, Bitcoin balances on exchanges have been declining, indicating rising demand.
The regulatory environment in the United States is also becoming clearer, potentially leading to large banks offering custody solutions for Bitcoin. With the US dollar facing supply increases and growing public debt, Bitcoin is seen as a more attractive currency due to its decentralized nature and limited supply of 21 million coins.
While Bitcoin’s daily chart shows mixed signals, with the cryptocurrency trading above key moving averages and forming bullish and bearish patterns, analysts remain optimistic about its future price trajectory. Despite short-term fluctuations, the overall sentiment towards Bitcoin remains positive, with many experts forecasting significant price appreciation in the coming years.