Bitcoin To Peak Between $100K-150K, Solana To Top $600 This Cycle, Say Hedge Funds, VCs

A group of polled venture capital firms and hedge funds expected Bitcoin BTC/USD to peak between $100,000 and $150,000 this bull cycle, down from the astronomical forecasts set by other market researchers.

What happened: According to the "Q4 2024 Crypto Investment Manager Survey" by venture capital firm MV Global, nearly 45% of the respondents projected the top cryptocurrency to stay within the aforementioned range. 

These estimates were somewhat modest when compared to global investment bank Standard Chartered’s price target of $200,000 by end-2025 and investment management company VanEck's prediction of $300,000.

"Our conjecture is the upside sentiment has been reduced because of the last six months of market chop. In other words, the upside-tail is much less priced in," MV Capital said in the report.

Meanwhile, nearly half of the interviewed investors believed Bitcoin would peak in the second half of 2025, a position consistent with popular opinion.

Most participants anticipated huge upside potential for Solana SOL/USD, with over 30% predicting a peak of over $600 this cycle. This would mean a 172% spike from the current market value.

Just over 23% expected the fourth-largest cryptocurrency to peak between $450,000 and $600,000.

See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration

A third of participants expected Ethereum ETH/USD to peak between $3,000 and $5,000, while the other third expected the second-largest cryptocurrency to top in the $5,000-$7,000 range.

"High conviction that both ETH and SOL outperform BTC this cycle, but SOL has much more upside," MV Capital quoted a liquid fund analyst as stating.

Why It Matters: The prediction markets have been energized amid the cryptocurrency market's record-breaking rally.

Bitcoin tapped an all-time high of $89,500 on Monday, representing a surge of nearly 30% over the week.

The odds in favor of BTC hitting $100,000 in 2024 on the popular cryptocurrency-based prediction platform Polymarket zoomed to 63% as of this writing. 

Price Action: At the time of writing, Bitcoin was exchanging hands at $88,598.31, up 8.81% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

Photo courtesy: Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBitcoinEthereumMV CapitalSolana
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!