Highlights:
- Bitcoin price continues to soar regaining the $90K mark.
- Crypto stakeholders have projected massive gains for the crypto asset leader.
- On-chain factors could spur BTC to a 300K price in five years.
Bitcoin (BTC) continues to rake in the majority of crypto asset inflows in recent months. This surge in the market leader is based on institutional inflows to the market due to positive macro and on-chain factors. A look at crypto charts shows Bitcoin’s steady growth in the last decade outpacing the market cap of several major companies. While the run remains impressive, crypto users and executives point to wider price jumps in a few years.
Advertisement
Crypto Executives Bullish Prediction is a Step Away
After a fantastic 2024, the big question among crypto circles is how high can Bitcoin surge in a few years. The asset’s price picked up after last year’s mixed movement with the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). This led to wide price predictions as anticipated bull seasons.
Among the projections, VanEck pointed to $2.9 million per coin in 2050 while Standard Chartered initially projected $100,000 this year before raising the figure to $150,000. These projections alongside whale analysis have turned feasible for more crypto enthusiasts due to present conditions. At press time, Bitcoin exchanges hands at $89,362 off the Uptober drive to a skyrocketing November rally.
The price of the top assets is up 3.9% today taking its market cap to $1.8 trillion moving past multiple resistance levels. Daily volumes are also up 18% adding to long-term inflows. This takes BTC weekly performance to 21% after it surpassed its previous all-time high.
While present factors are bullish, market executives and crypto enthusiasts point to a higher range. In the next five years, Bitcoin whales point to a price range above $800K.
As Bitcoin breaks $100k and we enter price discovery mode, let me suggest that the next price target is $850,000 per Bitcoin which would bring it to parity with Gold.
Fundamentally, Bitcoin is worth way more than gold.
— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) November 13, 2024
Is $800K BTC Possible In 5 Years?
Despite seeming like a long shot, crypto users believe that Bitcoin could notch skyrocketing gains in the coming years. A major catalyst is bullish institutional inflows into Bitcoin products and a spike in retail interest.
Bitcoin ETFs continue to record massive numbers attracting the attention of larger players. According to VanEck’s projection in 2050, 10% of global international trade will be settled in Bitcoin. For domestic trade, the number was placed at 5%. In the next five years, a fraction of this figure as institutions and governments become more interested can spike assets. Meanwhile, VanEck stated its price projections for this cycle at $180,000.
JUST IN: Our #Bitcoin price target for this cycle is $180,000 – VanEck Head of Digital
LFG! 🔥 pic.twitter.com/ZlExVWTBuk
— Bitcoin Archive (@BTC_Archive) November 14, 2024
Advertisement
