Bitcoin (BTC) Price Could Hit $250,000 This Cycle, as Stunned Investors Witness a Blow-Off-the-Top Rally
- 王林Original
- 2024-08-20 09:35:13987browse
Bitcoin's ongoing volatility has long been a point of concern for investors, but swings to the downside can be just as intense to the upside. If prior cycles are any indication, a blow-off-the-top rally could have $250,000 in play over the coming years.
Bitcoin's ongoing volatility has long been a point of concern for investors, but swings to the downside can be just as intense to the upside. If prior cycles are any indication, a blow-off-the-top rally could have BTC price hitting $250,000 over the coming years.
First of all, bitcoin's price movement this cycle has already moved more quickly in a positive direction this year than in previous cycles. This is thanks, in part, to the U.S. Securities and Exchange Commission's (SEC) approval of bitcoin exchange-traded funds (ETFs) this January, which have driven record inflows to the world's largest cryptocurrency by market cap. Institutional adoption of bitcoin ETFs has mushroomed, with major Wall Street players like Goldman Sachs entering the bitcoin investment scene.
Goldman Sachs, for example, now maintains a $418 million exposure to bitcoin ETFs, and other institutions on Wall Street are expected to follow suit as growth accelerates.
It's not far-fetched for bitcoin to break $250,000 in the coming years, given the macroeconomic factors and renewed confidence around bitcoin. Surging political interest in bitcoin – from former president Donald Trump and other political heavyweights – will also keep focused attention on bitcoin and alternative cryptocurrencies, potentially influencing its price over the upcoming election cycle.
Bitcoin's low this cycle has been $15,000, but in 2021, bitcoin broke past $65,000, stunning investors worldwide. On the whole, bitcoin will likely scale a similar upward price trajectory this year, making potential price apexes of $250,000 seem reasonable. In previous cycles, it took approximately 200 to 250 days to break through, but 2024 has already been a transformative year, and could continue on a positive price path.
The above is the detailed content of Bitcoin (BTC) Price Could Hit $250,000 This Cycle, as Stunned Investors Witness a Blow-Off-the-Top Rally. For more information, please follow other related articles on the PHP Chinese website!