Raise your hand if you have been HODLing your Bitcoin bag in the hopes that it will pump. Have you bought the dips in the hope that the king of crypto will break all-time highs soon? We will eventually get there. This is the prediction of analysts and market overs, like eToro and Bloomberg. Let us check their forecasts and find out if they hold water.
eToro CEO Predicts Bitcoin to Reach $100,000
Yoni Assia is the CEO of eToro, a leading social investment network. Aside from crypto, users can trade stocks, ETFs commodities, and currencies on the platform. Assia was recently interviewed by Scott Melker, the host of the Wolf of All Streets podcast.
In the interview, eToro’s top executive shared his view on the Bitcoin cycle and what to expect looking forward. Yoni Assia is a veteran of multiple 4-year cycles, which revolves around the halving. He reckons that there is a pattern that has a high probability of repeating. He described it as a “rally and a drop”, wherein a parabolic pump after the halving is always followed by a big retracement.
Assia thinks that the upcoming cycle will be different since several institutions like BlackRock and Fidelity are now investing in crypto. Banks like JPMorgan, UB, and Citibank are also setting up crypto desks, which is a sign that traditional finance is recognizing the value of digital assets.
eToro’s CEO believes that we will start to see rallies by the end of 2024. This mirrors the previous Bitcoin movement after each halving. The next one will happen sometime in April 2024. Once we reach all-time-highs, retail consumers will start to come and will probably push the price above $100,000
I’d be surprised if we don’t see by the end of 2025, Bitcoin above at least a $100,000.”
Bloomberg Analyst Thinks $150 Billion Can Come to Bitcoin
Eric Balchunas, a senior analyst at Bloomberg, was interviewed by Paul Baron. Balchunas thinks that if the BlackRock Bitcoin ETF gets, approved it will be a big thing for the crypto space. He said that a BlackRock ETF can be compared to buying IBM 30 years ago – it is just too good and clients will like it. It is a good and bulletproof deal. This highlights the trust given by investors to BlackRock.
His prediction that $150 billion will come to Bitcoin is based on the current market cap of Gold ETFs. He also based his math on the $30 trillion worth of investments handled by advisors and wealth managers for rich boomers. It would only take 0.5% of that to reach $150 billion.
His analysis is based on ETFs being approved. The names of big institutions backing a BTC ETF will be as appealing as Gold ETFs. This is anchored on the notion that firms like BlackRock and Fidelity have done their research and have built their names on making money for their investors.
What does CNB Think?
- eToro’s CEO is one of the few people who has gone through all of the Bitcoin 4-year cycles. He based his predictions on his past experiences. We only need to look at the chart and see that Bitcoin does create all-time-highs after each halving
- Reaching more than 100k is possible if we base it on the Fibonacci 1.618 level.
- Bloomberg analyst Eric Balchunas, based his $150 billion inflow on fund managers putting 0.5% on Bitcoin ETFs. This is possible since an ETF will make it easier for investors to get Bitcoin exposure without worrying about crypto custody. It would definitely help if the names of BlackRock and Fidelity were on those ETFs. It is like a stamp of approval in the finance industry,
Overall, we also need to understand that these are just predictions, similar to weather forecasts. It may or may not happen. Forecasters would say there is an 80% chance of Sunny weather with a chance of thunderstorms. So just to be sure we bring an umbrella. It is the same with crypto, we always look at the future optimistically, but we also learn how to manage risk.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument.
