2024.04.01 01:01
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$73,000 is just the beginning! Hedge fund managers predict that Bitcoin will soar to $150,000 this year

Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, predicts that Bitcoin will more than double this year, reaching $150,000. He believes that Bitcoin is a better form of gold and has stated that the halving of Bitcoin prices will cause a supply shock, leading to another significant positive for cryptocurrencies. In addition, analysts at Bernstein are also optimistic about the future of Bitcoin, expecting a surge in Bitcoin prices after the halving in April

According to the Zhitong Finance and Economics APP, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, predicts that Bitcoin will more than double this year, reaching $150,000.

Yusko believes that Bitcoin should account for at least 1% to 3% of investors' portfolios. "Bitcoin is the king. It is the dominant token. It is a better form of gold," he said.

As of Thursday's stock market close, Bitcoin has risen by about 159% over the past year. In early March, Bitcoin briefly exceeded the $73,000 level, but the trading price on Thursday night was around $70,700.

"The law of large numbers has appeared. I think it can easily increase tenfold from its current level in the next ten years," Yusko added.

He listed the Bitcoin ETF launched in January as a major bullish factor for cryptocurrencies. Yusko expects that the halving of the Bitcoin price will lead to a supply shock, bringing another significant positive for this flagship cryptocurrency.

Halving refers to halving the Bitcoin mining reward to restrict supply, expected to be implemented by the end of April.

Yusko stated, "Big moves happen after halving." "By the end of the year, it starts to become more... parabolic. And historically, about 9 months after halving, so sometime around Thanksgiving, Christmas, we will see the price peak before the next bear market."

Yusko's company is also involved in the cryptocurrency online trading platform Coinbase. He said, "We believe Coinbase is about to have a big event."

Coinbase's stock price has risen by nearly 321% in the past 12 months.

Bernstein boldly predicts Bitcoin to rise to $150,000 next year

Bernstein analysts, including Gautam Chhugani, stated in mid-March that they firmly believe in the bullish prospects of Bitcoin, claiming that under the current strong upward momentum, the price of Bitcoin will surge after the "halving" in April.

In fact, as early as November last year, Bernstein first proposed a $150,000 target price for Bitcoin. They claim to be more confident in this target price now:

"We have established an institutional flow model for Bitcoin in our estimates to derive the price of Bitcoin. We estimate that $10 billion will flow into the Bitcoin market in 2024, and another $60 billion in 2025."

With the approval of regulatory agencies for the Bitcoin ETF in January this year, the inflow of funds has exceeded $9.5 billion, further strengthening Bernstein's confidence in Bitcoin steadily rising to $150,000. In the past 30 days alone, the average daily inflow of funds into the Bitcoin ETF has been $370 million.

"At this rate, in just the remaining 166 trading days of 2024, the inflow of funds into the Bitcoin ETF will exceed our expected inflow for 2025." Analysts added