01/04/2024
$73,000 is just the beginning! Hedge fund manager predicts Bitcoin will surge to $150,000 this year
Mark Yusko, CEO and chief investment officer of Morgan Creek Capital Management, predicts that Bitcoin will more than double this year, reaching $150,000.
Yusko believes that Bitcoin should account for at least 1% to 3% of investors’ portfolios. "Bitcoin is king. It's the dominant coin. It's a better form of gold," he said.
As of Thursday's stock market close, Bitcoin had gained about 159% in the past year. In early March, Bitcoin briefly exceeded the $73,000 level, but was trading around $70,700 on Thursday night.
"The law of large numbers has occurred. I think it can easily go up 10 times from where it is now in the next ten years," Yusko added.
He cited the launch of a Bitcoin ETF in January as a major bullish factor for the cryptocurrency. Yusko expects the Bitcoin price halving to cause a supply shock, resulting in another major round of positive news for the flagship cryptocurrency.
Halving, which refers to cutting Bitcoin mining rewards in half to limit supply, is expected to be implemented at the end of April.
“The big move happens after the halving,” Yusko said. “By the end of the year, it starts to become more... parabolic. And, historically, it’s about nine months after the halving, so around Thanksgiving, Christmas Sometime before or after we will see prices peak before the next bear market.”
Yusko’s company is also involved in crypto online trading platform Coinbase. "We think big things are coming for Coinbase," he said.
Coinbase's stock price has risen nearly 321% in the past 12 months.
Bernstein is boldly optimistic that Bitcoin will rise to $150,000 next year
Analysts such as Bernstein analyst Gautam Chhugani stated in mid-March that they were firmly bullish on the prospects of Bitcoin, claiming that under the current strong upward momentum, the price of Bitcoin will explode after the "halving" in April.
In fact, as early as November last year, Bernstein first proposed a Bitcoin target price of $150,000. They claim they are now more confident in this price target:
“We built an institutional flow model of Bitcoin in our estimates to derive the price of Bitcoin. We estimate that the Bitcoin market will see an inflow of $10 billion in 2024 and a further $60 billion in 2025.”
After the Bitcoin ETF received regulatory approval in January this year, its inflows have exceeded $9.5 billion, further strengthening Bernstein’s confidence that Bitcoin will steadily rise to $150,000. In the past 30 days alone, the Bitcoin ETF has seen an average of $370 million in daily inflows.
“At this rate, just 166 trading days into the remainder of 2024, Bitcoin ETF inflows will be higher than the inflows we expect in 2025.” The analysts added.
