Research Lead At Uphold Predicts Bitcoin Could Hit $200K Soon
The crypto market has seen positive changes as the bulls recently initiated more pressure. Most digital assets rallied significantly, posting impressive gains in their value.
On its part, Bitcoin has proven its stance in the industry with over 150% increase in its value since January 2023. However, a lead researcher at Uphold, Dr Martin Hiesboeack, believes this is not the end of Bitcoin'd rally. He thinks BTC will soon trigger a more explosive rally.
Prediction For Potential 4X Bitcoin's Price RallyDr Hiesboeck took to the X platform to share an analysis of Bitcoin's price. The post indicated multiple high and low points in the token's price trend over the past 6 years.
Institutional demand for $BTC will drive price to >200k in a very short time. pic.twitter.com/BDUzgomdqw
- Dr Martin Hiesboeck (@MHiesboeck) December 8, 2023
The researcher predicted that the price of Bitcoin would surge by almost 4x to more than $200,000 soon. He believes institutional demand for the token would be the key driver for its explosive rally.
Dr Hiesboeck stated:
Institutional demand for $BTC will drive the price to 200k in a very short time.
Interestingly, Bitcoin has produced remarkable returns through some considerable uptrends amid its new lows. With a focus on Bitcoin's market bottoms in 2018 and 2021, the token recorded a whopping increase of 400% and 1,700%, respectively. The latter represented its recent all-time high (ATH).
Moreover, Bitcoin's value is just 37% less than its ATH in 2021. The new numbers indicate that the primary crypto token has set a historical record with significant gains after hitting a new market bottom.
Notably, BTC plummeted to $15,485 in December 2022. Bitcoin could be on track to exceed its ATH if the prevailing bullish market trend continues.
The Place Of Institution Demand On Bitcoin RallyDr Hiesboeck expects an explosive rally for BTC to over $200,000 following an increase in institutional demand. Besides the researcher, some experts within the crypto industry had a similar opinion about Bitcoin's growth.
A few Bloomberg analysts estimated that BTC will hit $500,000 through increased institutional participation and demand.
Notably, prominent financial companies like BlackRock, ARK Investments, Fidelity, Templeton, and others have shown interest in Bitcoin ETFs. They have pending applications for spot BTC ETFs awaiting the US Securities and Exchange Commission (SEC) approval.
Several people believed that approvals of the ETF products would open more doors for new investors. It will provide easy access to BTC in the crypto market while triggering more demand and flow of funds to the token.
The buzz around a potential spot Bitcoin ETF contributed massively to the recent surge in its price.
With BTC crossing the $43,000 price region, its value has doubled since the beginning of the year. As of 07:10 AM EST on December 8, Bitcoin trades at $43,578, increasing 1.26% over the past 24 hours.
Its market cap has reached $852 billion, with a market dominance of over 52%.
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