Bitcoin (BTC) Could Explode to $200K Next Year, Former Tech CEO Mike Alfred Predicts

Mike Alfred, former tech CEO, founder of a value investment fund, and a board member of several large companies believes Bitcoin (BTC) could explode

Former tech CEO and founder of a value investment fund Mike Alfred believes that Bitcoin (BTC) price could explode higher and reach ambitious $200,000 heights as early as next year despite the top crypto floundering in recent weeks.

In a conversation with crypto investor and podcaster Scott Melker, also known as “The Wolf of All Streets,” Alfred indicated that his higher-end target is $315,000 by the end of 2025.

Even as bearish headwinds continue to blow in Bitcoin's path, some pundits are still bullish about the price of the premier cryptocurrency. During a recent chat with Melker, investor Mike Alfred asserted that BTC price could see a massive upward move and enter price discovery if it recaptures the $73K mark.

“My low-end target for Bitcoin next year is kind of $100,000 to $120,000…My high-end target is upwards of $315,000 and, of course, there are some really smart people who think it can go higher,” Alfred added.

He predicted that the U.S. Federal Reserve could cut its benchmark rates by up to 50 basis points. Monetary easing is typically considered to be a major positive catalyst for Bitcoin prices.

“They're trying to thread the needle to prevent unemployment from going up without causing inflation to go up. I think they're just going to pump small-cap stocks, biotech, Bitcoin, maybe some crypto,” stated Alfred.

It pays to recall that the Fed's 2020 Covid-19-era push to slash rates transformed Bitcoin in less than one year from a laggard asset class into a $1 trillion asset class.

The value investor further suggested that while the timeline for Bitcoin's next parabolic rally might have shifted by a month or two, the case for Bitcoin surging is still very strong. In his opinion, the current consolidation phase is a “gift” for investors with a long-term view of BTC.

“The longer this goes on, the more frustrated people get, and the more people capitulate, the bigger the up move will eventually be,” Alfred said.

Bitcoin plunged below $57,000 Thursday, obliterating gains from yesterday's momentary surge above $58,000. According to CoinGecko data, BTC was trading around $53,512 at the time of writing, around 2.7% lower than 24 hours ago.

The above is the detailed content of Bitcoin (BTC) Could Explode to $200K Next Year, Former Tech CEO Mike Alfred Predicts. For more information, please follow other related articles on the PHP Chinese website!