According to Bloomberg, Bitcoin is primed for an unprecedented rise to $500,000 in the long term. Bloomberg asserted that the asset’s recent surge above $42,000 has spotlighted the beginning of a cycle that can spearhead this bullish rally.
As the report reads,
“Bitcoin topping $42,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.”
Like Bloomberg, other prominent finance figures have made massive bullish calls in previous years. Last year, Mike Novogratz, the CEO and founder of Galaxy Digital, predicted that Bitcoin would hit $500,000 within five years.
Although he backpedalled on the timeframe, he maintained that the cryptocurrency could surge to the aforementioned levels. Similarly, Cathie Wood, the CEO of Ark Invest, predicted that Bitcoin would hit $1.4 million by 2030.
The sentiments expressed by observers towards Bitcoin this year have been mixed. Many key players have previously been more conservative with their outlook on Bitcoin. Sentiments only began to lean towards the bullish region as the market entered the 4th quarter.
Notably, Matt Maley, the Chief market strategist at Miller Tabak & Co., highlighted what he believes to be the catalyst for Bitcoin’s ongoing price rally.
“I would argue that one of the most important reasons Bitcoin rallied so strongly in 2020 and 2021 was because of the massive influx of liquidity into the system due to the pandemic.” He asserted.
Many prominent figures in the cryptocurrency community have maintained that the anticipation for a spot ETF approval has strongly influenced the market’s perception of Bitcoin.
In the near term, not only do Bitcoin proponents look forward to the asset tapping $50,000, but Bitcoin hitting the $100,000 price mark has been a long-term expectation from key players. Market participants also have their eyes peeled for the upcoming Bitcoin halving scheduled to kick off in May of 2024.
The event is designed to slash the amount of new Bitcoins released into circulation. This will later result in a reduction in Bitcoin’s supply levels, as its inflation rates are bound to diminish. At report time, Bitcoin is valued at $43,953.