Astonishing $185,000 Bitcoin Price Prediction May Move Stellar, Cardano, BNB, ETH

2023-04-30 15:06:36 ET

According to analysts who spoke to Bloomberg, the bitcoin price rally may be starting. The coin was trading at $29,000 on Sunday, a few points below the key resistance point of $30,000 and slightly lower than the year-to-date high of $31,000.

Bitcoin price trajectory to $100k and above

Last week I wrote that a Standard Chartered analyst predicted that Bitcoin could rise to $100ki in the next few months. He was not alone. Another Bloomberg analyst said BTC would hit $50,000 as enthusiasm for the halving builds.

Now Bloomberg has revealed more Bitcoin price predictions. In a report, the company said Bitcoin could jump to $105k. The analyst noted the fact that BTC has now jumped for the past four straight months. The last time it happened it led to a 260% increase. As a result, if it happens today, it will mean that the coin will reach $105k.

Some analysts believe that the Bitcoin price could jump much higher than that. For example, an analyst at BCA said that BTC could jump to $160,000 if its market capitalization approached 25% of gold. In particular, Bloomberg Intelligence’s Jamie Douglas said that Bitcoin could jump to $185,000 if just 1% of the global bond market capitalization is moved to the coin. However, this is highly unlikely for now.

Bullish catalysts for Bitcoin

There are many bullish catalysts for BTC prices. First, there are signs that the banking crisis is still here as First Republic Bank nears its collapse. And with many regional banks having a ton of commercial real estate exposure, there is a possibility of more collapses. In a statement to the FT, Charlie Munger said:

“It’s nowhere near as bad as it was in 2008. But problems happen in banking, just like problems happen anywhere else. In good times you get bad habits. . . When bad times come, they lose too much.”

Look here:

Second, analysts cite Bitcoin’s rarity since it has a supply limit of 21 million coins and most of them have been mined. Third, they note that it is a good alternative to gold, which is widely seen as a hedge against inflation. Finally, Bitcoin appears to be in a cycle ahead of next year’s halving. In a note, one analyst said:

“Crypto markets also have cycles, only these in the past have been mainly driven by crypto-specific factors. Not anymore – now the crypto market has multiple drivers, making the narratives more complex while opening up the market to new investment cohorts.”

If these analysts are accurate, it means that other altcoins have a long runway for growth due to the correlation that exists. This is a positive thing for the likes of Solana, Ethereum, Stellar, Cardano and Litecoin.

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