Bitcoin could hit $180,000 by April of 2024: Fundstrat
- Experts at Fundstrat are super bullish on Bitcoin.
- They see halving and a Bitcoin ETF as material catalysts.
- Bitcoin is already up roughly 80% versus the start of 2023.
Bitcoin has had a massive rally since the start of this year but experts at Fundstrat are convinced it’s just a drop in the bucket compared to what may come over the next nine months.
The bull case for Bitcoin
The investment research firm expects BTC to hit $180,000 before its scheduled halving in April of 2024. That suggests about a 500% upside from here.
Fundstrat also sees a Bitcoin ETF as a meaningful catalyst that could boost per-day demand for the world’s largest cryptocurrency by a whopping $100 million.
This would bring daily demand to $125 million, while daily supply is only $25 million. Implied equilibrium price would need to rise so daily supply matches daily demand.
Note that the halving next year will cut the reward for mining BTC to $12 million.
Is a Bitcoin ETF expected soon?
Prominent asset managers, including the likes of Fidelity and BlackRock have filed for a Spot Bitcoin ETF in recent weeks.
According to Sean Farrell – the Head of Digital Asset Strategy at Fundstrat – there’s a 75% probability that the U.S. Securities & Exchange Commission will approve the said exchange-traded fund.
We anticipate [a Bitcoin ETF] would attract new investors and generate increased demand. Bitcoin ETF eventually could become >$300 billion category.
BTC may also benefit once the Federal Reserve switches to a more lenient monetary policy. The central bank is set to announce its decision on interest rates later today – July 26th, 2023.
