Jannat Ara

Bitcoin Predicted to Surge to $200k During Ongoing Bull Cycle, Says Bitget Director

Bitcoin is poised to reclaim its all-time high with just a 4% surge, and industry experts are anticipating that the cryptocurrency will skyrocket to at least three times its current price during the current bull run.

Gracy Chen, the managing director of Bitget, expressed confidence that Bitcoin (BTC) could potentially reach anywhere between $180,000 to $200,000 in the current cycle. This optimism stems from the increasing bullish interest in Bitcoin from institutional investors, propelling its price upward.

As of the latest data, Bitcoin is trading above $67,200, marking a remarkable 6% increase in the past 24 hours according to CoinGecko.

Chen highlighted that recent data on Bitcoin investors suggests that they are becoming less sensitive to price volatility and view the upcoming halving event as a bullish indicator. If Bitcoin ETFs continue to attract strong net inflows in the coming week, the likelihood of a new all-time high is significantly high.

Recent data from SoSoValue indicates that nine spot BTC ETF issuers have collectively attracted over $7 billion in inflows, despite investors cashing out nearly $9 billion from Grayscale’s converted GBTC exchange-traded fund. These new Bitcoin fund providers now manage over $20 billion in assets under management (AUM) and have accumulated at least 750,000 BTC since trading commenced on U.S. exchanges in January.

Analysts and experts foresee a forthcoming supply shock, particularly with the Bitcoin halving scheduled for next month. In April, Bitcoin’s network will halve the reward for mining new blocks, reducing the rate at which new tokens enter circulation to maintain scarcity and control inflation.

Opinion leaders such as Matrixport, Fundstrat’s Thomas Lee, and Anthony Scaramucci believe that the increasing demand from spot Bitcoin ETFs, combined with the halving and incoming institutional investments, will trigger a parabolic surge in Bitcoin’s price far beyond its previous all-time high.

Furthermore, data from IntoTheBlock reveals that 99.75% of Bitcoin addresses are currently in profit, indicating significant gains for most holders. This suggests that losses incurred by investors during the peak of the previous bull run have almost been entirely recovered. Only a fraction of holders, accounting for fewer than 1% of addresses, are currently experiencing losses, but they could potentially see profits if Bitcoin surpasses $67,413 for the first time since late 2021.

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