The race for experts to provide the biggest Bitcoin (BTC-USD) price predictions is on. With Bitcoin hitting a new all-time high in today’s session, plenty of experts are coming out and calling for the world’s largest cryptocurrency to hit new fantastic heights. And some are calling for such moves in short order.
Anthony Pompliano, one of the foremost thought leaders on Bitcoin (and the crypto space in general), points out just how quickly Bitcoin has doubled after hitting previous all-time highs. Three of the past four times that Bitcoin broke through a previous all-time high, it doubled in less than 18 days. So, one can assume that’s a potential price target moving forward — $140,000 or so by the end of March.
Other experts have come out with similarly hiked-up price targets following this big move today. Let’s dive into what these price predictions are — and what to make of the noise in this space.
Bitcoin Price Predictions
Matt Ballensweig, head of Go Network at BitGo, set a 12-month price target of $150,000 on Bitcoin following today’s move. Much of his price target appears to be tied to increasing institutional interest around the crypto. With the launch and recent approval of spot Bitcoin exchange-traded funds (ETFs), more capital is chasing a limited number of BTC. This has led to a supply and demand imbalance in the space, which clearly favors investors, at least for the time being.
Additionally, Bitwise Asset Management Chief Investment Officer Matt Hougan believes Bitcoin could be headed into the six-figure range over the next year. In a recent interview with CNBC, Hougan suggested that $80,000 per coin is very likely but that “It could be $100,000. It could be $200,000. It could be higher than that. There’s simply this massive supply-demand dynamic going on.”
Indeed, that appears to be the core driver for Bitcoin right now. So long as there’s this supply and demand dislocation and price targets continue to be raised across the board, anything’s possible.
On the date of publication, Chris MacDonald did not hold (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.
