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.
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.
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Photo courtesy: Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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