cryptocurrency Matt Hu, CEO of analysis company Blofin Research, stated in a recent analysis that post-halving Bitcoin It offered an in-depth look at the potential future of its price.
Hu noted that the recent launch of Bitcoin Spot ETFs is a significant development. These ETFs offer US institutions a direct and effective way to invest in Bitcoin, unlike previous methods. While some of these funds could flow into other cryptocurrencies, Hu believes the ease of investing in Bitcoin through ETFs could potentially increase its price in the long run.
Hu noted that market sentiment in the cryptocurrency sector is currently high, as shown by the fear and greed index. However, he noted that Bitcoin’s Google search index is not as high as it was during the bull market peaks in 2021 and 2017. While these two indicators are effective in measuring the sentiment of the general user base, the perspective of professional institutions can be understood by observing trading behavior in the options market.
According to research conducted by BloFin Academy, the demand from institutional investors to include Bitcoin in their investment portfolios is expected to inject an additional capital of between 70 and 100 billion dollars into the Bitcoin market in 2024. According to the analyst, this capital inflow is expected to further increase the Bitcoin price.
Hu expressed his confidence in the future of Bitcoin and said:
“I do not currently see any significant risk that could disrupt this trend. “I think the Bitcoin price will exceed $80,000 by the middle of this year and $100,000 within a year.”
He attributed this prediction to several factors, including the Fed’s expected interest rate cuts over the next 12 months, which will increase liquidity and provide more solid support for Bitcoin’s price. Full oversight of crypto-related products will also lead to the listing of more Bitcoin and Ethereum ETPs, attracting more funds into Bitcoin, according to the analyst.
Hu also claimed that demand for Bitcoin as a macro asset allocation and BTC’s broader use cases will enable Bitcoin’s price to rise further.
*This is not investment advice.
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