Bitcoin’s BTC/USD price could see a significant increase by the end of the year, according to Fred Thiel, CEO of Marathon Holdings Inc. MARA. Thiel predicts that the cryptocurrency could more than double its current value this year.
What Happened: In an interview with CNBC, Thiel shared his optimistic outlook for Bitcoin.
"I think there's a general consensus that the price of Bitcoin will move up this year to somewhere between $150,000 to $200,000 by the end of this year," Thiel said.
He noted that substantial Bitcoin sales often attract buying interest, maintaining its price within the $95,000 to $100,000 range.
"I think there is still a big belief that Bitcoin will continue to go up in price. There's still a lot of demand for the asset by not just retail but also institutional investors," he added.
Thiel attributes this potential surge to a more favorable regulatory environment and increased adoption by both private and public sectors, and Bitcoin's scarcity could also play a role in helping the cryptocurrency's growth.
See Also: This Top-50 Altcoin Is Set For A Massive Surge After Significant Correction, Predicts Trader
He mentioned that U.S. banks might soon be able to hold and lend against crypto, leading corporations to allocate a small percentage of their assets in Bitcoin.
Thiel also suggested the possibility of a U.S. Bitcoin Strategic Reserve, which could further boost demand.
Why It Matters: The prediction by Marathon Digital’s CEO comes amidst a backdrop of various market analyses and predictions regarding Bitcoin’s future.
According to a report by Standard Chartered, Bitcoin has the potential to reach a new all-time high above $108,000 in February, contingent on the absence of negative market catalysts.
The behavior of U.S. Treasury yields, particularly the 10-year yield, plays a crucial role in this outlook.
Furthermore, Katalin Tischhauser from Sygnum Bank highlighted that a strategic Bitcoin reserve purchase of $1 billion could potentially trigger a $20 billion surge in Bitcoin’s market cap.
This increase would result from direct capital inflows and a significant upward price surge, driven by the limited liquid supply of Bitcoin.
Moreover, crypto analyst Michaёl van de Poppe has urged investors to hold onto their crypto assets, emphasizing that Bitcoin is fairly valued while altcoins remain undervalued.
Price Action: At the time of writing, Bitcoin was trading at $96,200, down 0.8% over the past 24 hours, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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