Peter Chung, head of research at quantitative buying and selling agency Presto, has repeated his prediction that Bitcoin (BTC) will attain $210,000 by the top of 2025.
In an April 28 interview with CNBC, Chung cited institutional adoption and international liquidity growth as the first drivers behind his long-term bullish outlook.
The analyst acknowledged that market situations this yr haven’t been as anticipated, particularly the difficult macroeconomic atmosphere and market response.
Nonetheless, he described the latest corrections as a “wholesome” adjustment, suggesting they’ve laid a stronger basis for Bitcoin’s development towards changing into a mainstream monetary asset.
“In hindsight, I believe it was really a wholesome correction which has paved the way in which for the additional re-rating of Bitcoin as a mainstream asset,” he mentioned.
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Bitcoin’s twin function
Chung additionally mentioned Bitcoin’s twin nature, describing it as each a “risk-on asset” and “digital gold.”
He mentioned that Bitcoin sometimes behaves like a high-risk asset pushed by consumer adoption and community results.
Nonetheless, during times of monetary instability, such because the 2022 outbreak of the Russia-Ukraine battle or the 2023 Silicon Valley Financial institution collapse, Bitcoin tends to behave as a safe-haven asset, much like gold.
“These moments are uncommon,” Chung defined, “[They] solely occurred when the market has doubts concerning the stability of the US dollar-dominated monetary system.”
Whereas Bitcoin has lagged behind gold throughout latest market turbulence, Chung advised BTC could “catch up” and probably outperform conventional safe-haven property by yr’s finish.
Chung additionally reaffirmed Presto’s goal for Ether (ETH), sustaining its valuation mannequin primarily based on the ETH-to-BTC ratio, reflecting confidence in Ethereum’s ongoing community enhancements.
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Bitcoin hits $94,000 as institutional adoption expands
Echoing Chung’s view, Bitwise CEO Hunter Horsley mentioned in a latest publish on X that Bitcoin’s surge to $94,000 has occurred with minimal retail participation, noting that Google searches for “Bitcoin” stay close to long-term lows.
Based on Horsley, the present rally is being driven by institutional investors, monetary advisers, firms, and even nation-states.
“The sorts of buyers shopping for Bitcoin is increasing,” Horsley mentioned.
Company Bitcoin treasuries already maintain almost $65 billion value of BTC, in response to data from BitcoinTreasuries.NET.
On April 22, analysts from Customary Chartered and Intellectia AI mentioned institutional Bitcoin demand from exchange-traded funds and merchants looking for to hedge towards macroeconomic threat could trigger Bitcoin’s price to more than double this year.
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