Today, the price of Bitcoin (CCC:BTC-USD) is a hot topic of discussion among investors. Commonly referred to as “digital gold,” Bitcoin has been highly volatile this year, recently dipping to nearly $33,000 per token after reaching a high of approximately $69,000 last year. Accordingly, some high-flying Bitcoin price predictions have started to look far too bullish, given this recent price action.
However, today’s recovery in the price of Bitcoin to more than $40,000 per token has investors talking. Bitcoin surged more than 10% over the past 24 hours, at the time of writing. This comes amid a broad recovery in risk assets, including most digital tokens today.
A number of factors appear to be at play with Bitcoin’s rise today. Improving sentiment among investors following a strong jobs report appears to have something to do with this. While an overheated labor market could spell more hawkish monetary policy, investors seem to think that higher wages could spur spending, which could influence investment as well. Overall, the macro headwinds that have prevailed thus far this year are being pushed aside in favor of a more optimistic view.
Can this continue? Is this the start of another bull rally in Bitcoin? Or, is this just a near-term blip in a longer-term bear market. Let’s take a look at what the experts think.
Bitcoin Price Predictions
For context, BTC currently trades at $40,340 per token, at the time of writing. Here are some of the most prominent Bitcoin price predictions being floated right now:
- Among the bulls, Katie Stockton, founder and managing partner of Fairlead Strategies LLC, has quoted a long-term $90,000 price target.
- Other bulls such as David Klinger of Coteries Corporation have given price targets of $100,000 per token this year.
- Most investors will note the famous price target given by mega-bull Cathie Wood of $560,000 as well.
- Those taking a more measured approach to Bitcoin include Daniel Polotsky, founder of CoinFlip, who suggested Bitcoin could hit $60,000 per token.
- Other sites such as CryptoPredictions appear to have more realistic targets. This site provides a near-term price target of $45,682 by April.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
