Bitcoin

1 Top Cryptocurrency to Buy Before It Surges 635% to 5,480%, According to Some Wall Street Analysts

Published

8 months ago

25 May, 2024

1 Top Cryptocurrency to Buy Before It Surges 635% to 5,480%, According to Some Wall Street Analysts

Select Wall Street analysts believe that the price of Bitcoin will rise sharply in the coming years.

Risky assets generally perform better when interest rates are low. Therefore, speculation that persistent inflation will cause Federal Reserve policymakers to cut rates more slowly than anticipated has been a headwind for cryptocurrencies in recent weeks.

In fact, while Bitcoin (Bitcoin 0.83%) rose to a new record high of $73,000 in March, its price has fallen 7% since then to $68,000. However, several Wall Street analysts see substantial upside for patient investors.

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that the combination of recently approved spot Bitcoin exchange-traded funds (ETFs), the recent halving of Bitcoin block subsidies, and the eventual easing of Monetary policy (lower interest rates) could take Bitcoin to $150,000 by 2025 and $500,000 by 2029. The latter figure implies a 635% increase from its current price of $68,000.
Anthony Scaramucci, founder and managing partner of SkyBridge Capital, recently told CNBC that Bitcoin ETFs could boost the cryptocurrency beyond gold’s market capitalization, which is currently around $16 trillion. In this scenario, a single Bitcoin would be worth around $800,000, implying an increase of around 1,075% from its current price.
Cathie Wood, CEO and CIO of Ark Invest, believes spot Bitcoin ETFs will eventually capture about 5% of institutional assets under management, driving the price of a single Bitcoin to $3.8 million. This estimate implies an increase of around 5,480% from the current price.

As a caveat, investors should never place too much confidence in price targets. They are simply educated guesses about what might happen in the future. That said, Bitcoin deserves further consideration given the tremendous upside implied by the price targets above. Here’s what investors should know.

The investment thesis for Bitcoin is simple

The price of Bitcoin It is based on supply and demand. However, as supply is limited to 21 million coins, demand is the most important variable. This means that the future trajectory of Bitcoin prices depends on whether demand increases or decreases from its current level.

Two recent developments could boost demand in the coming months and years. First, the Security and Exchange Commission (SEC) approved spot Bitcoin ETFs in January 2024. Secondly, the Bitcoin block subsidy was cut in half in April 2024.

Spot Bitcoin ETFs Could Bring Institutional Investors to the Market

Spot Bitcoin ETFs provide investors with direct exposure to Bitcoin through their brokerage accounts, meaning they do not need to create new accounts on cryptocurrency exchanges. Furthermore, although spot Bitcoin ETFs charge annual fees expressed as Expense Ratioare often lower than transaction fees charged by cryptocurrency exchanges.

In short, spot Bitcoin ETFs reduce friction for both retail investors It is institutional investors. When I say institutional investors, I mean professional money managers such as family offices, endowments, hedge funds, insurance companies and investment banks. Institutional assets under management (AUM) are forecast to reach $145 trillion by 2025, according to PwC. If even a small fraction of this total were allocated to Bitcoin, the price of the cryptocurrency could rise substantially.

As mentioned, Ark Invest believes that spot Bitcoin ETFs will eventually capture just over 5% of institutional AUM, implying around $8 trillion (based on PwC estimate). For context, we are nowhere near that number right now. Spot Bitcoin ETFs have about $57 billion in AUM, and most of that money came from retail investors.

However, US regulators only approved spot Bitcoin ETFs in January, and the early results are undoubtedly encouraging. O iShares Bitcoin Trust (NASDAQ: IBIT) by Black stone and the Wise Origin Bitcoin Trust Fidelity’s (NYSEMKT: FBTC) accumulated more assets in its first 50 days on the market than any other ETF in history, according to Bloomberg’s Eric Balchunas.

Additionally, Form 13F presented for the first quarter of 2024 show that a few hundred institutional investors purchased small positions in several Bitcoin ETFs in cash. This includes banks like JPMorgan Chase, US BankIt is Wells Fargoas well as highly profitable hedge funds like Citadel, DE Shaw and Millennium Management.

Halving of Bitcoin block subsidies should reduce selling pressure on miners

Bitcoin miners make money through block subsidies and transaction fees, collectively called block rewards. Block subsidies, which represent newly minted Bitcoin, are cut in half each time 210,000 blocks (groups of transactions) are validated and added to the blockchain, which happens once every four years.

The most recent halving took place in April 2024, when the block subsidy dropped from 6.25 BTC to 3.125 BTC. This was the fourth halving event since Bitcoin was created, and the implied reduction in selling pressure – miners will have less Bitcoin to sell over the next four years – bodes well for investors because it would equate to an increase in demand.

In fact, Bitcoin has experienced significant price appreciation following previous halving events.

Halving event

Bitcoin return (2 years later)

November 2012	2,964%
July 2016	922%
May 2020	348%

Data source: Fidelity Digital Assets.

Is Bitcoin a good investment?

Investors comfortable with risk and volatility should consider buying a small position in Bitcoin today, provided they have the right mindset. Cryptocurrency prices can rise and fall quickly, sometimes for seemingly absurd reasons, so investors should be prepared to hold their Bitcoin through ups and downs over a long period of time.

Furthermore, there is no guarantee that Bitcoin will reach the aforementioned target prices. For this reason, Bitcoin is best viewed as a component of a diversified portfolio.

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Trevor Jennewine has no position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin, JPMorgan Chase, and US Bancorp. disclosure policy.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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