Bitcoin price could gain another 150% during the current bull market cycle, according to Laurent Benayoun, the CEO of Acheron Trading and quantitative trading strategies expert.
Bitcoin price top at $180K?
The executive anticipates a potential cycle top of $180,000 for BTC price, based on a combination of factors, including the spot Bitcoin exchange-traded funds (ETFs), and the new supply reduction from the upcoming Bitcoin halving.
Benayoun explained:
“If we look at historical performance, with every cycle the multiple on the all-time is getting lower. So if we apply this reasoning it could be 2x to 3x what we saw in the previous cycles, so let’s say around $120,000 to $180,000 per unit.”
Improving financial policy in the United States will also contribute to Bitcoin’s price appreciation, according to Benayoun:
“The market is pricing in a reduction in interest rates because they have been flatlining, so it’s reasonable to expect them to go down in the near future.”
Other BTC price predictions
Benayoun’s prediction is in line with several other recent forecasts. Bitfinex analysts, for instance, see price reaching $120,000 by the end of 2024, according to a research report shared with Cointelegraph:
“Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization. The ETFs have introduced passive demand which means demand is coming from investors that is largely price agnostic.”
Meanwhile, wealth management giant Bernstein expects Bitcoin to break out to around $150,000 following the halving by mid-2025.
More ambitious targets put Bitcoin price peaking at $337,000 in the bullish case. Willy Woo, Bitcoin analyst and managing partner at CMCC Crest, wrote in a March 11 X post:
“BTC at 71k puts us *here* in visual of the upper and lower bound models. The upper bound right now is $337k. So this bull market is still early, equivalent to 20k of last cycle.”
What’s more, seven-figure price targets are also emerging. One of the most well-known is from Ark Invest’s Cathie Wood, who now sees a $1 million Bitcoin price as too conservative by 2030.
“Our target is above that; it’s well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled,” Wood said earlier this month.
Bitcoin recaptured the $70,000 mark on March 25, for the first time in 10 days. BTC price is up over 6.3% on the weekly chart, trading around $70,800.
