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A prominent quantitative trading company has made a new set of predictions that Bitcoin could reach a record high of $210,000 before the end of 2018. Peter Chung from Presto’s Head of Research made the bold prediction during an April 28 interview with CNBC.
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The bullish outlook is driven by institutional money and global liquidity
It is important to note that the word “you” means “you”. bullish price target The increase in large institutions buying Bitcoin, and the global growth of cash flows are what will drive Bitcoin’s price higher than ever before. Chung thinks that Bitcoin will be pushed higher by both factors.
Chung said that Bitcoin had some rough times but the corrections made were essential steps towards mainstream acceptance. Bitcoin is described by Chung as a “two-sided coin” because it has both sides. “risk-on” Assets during market confidence but become “digital gold” Financial stress
Bitcoin’s Reaction To Economic Stress Testing
Chung has noted that the history of mankind has proven how Bitcoin Reacts in times of crisis. Bitcoin is tested in times of crisis.
Chung believes that Bitcoin will continue to rise, even though it hasn’t soared like gold in recent times of market turmoil. “catch up” By the end of the year, Bitcoin will outperform. It is rare to see such responses to crises, but it shows the changing role that Bitcoin plays in the financial world.
MVRV Ratio to Target $210,000
It’s not just a guess. Chung discussed the target in January of last year, using a metric called “the Market Value to Realized Value (MVRV) ratio. (MVRV) ratio.
Presto calculated Bitcoin’s actual value by 2025, using a historical multiple of 3.5x. This ratio is often used by financial analysts to determine market extremes or possible turning points.
Analysts attribute the rise in activity to “whales” – large crypto holders – as a indicator of high market confidence. Even at present prices, these large investors are still buying Bitcoin. The investors believe that BTC may reach even higher prices than projected, up to $300,000 or $500,000.
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The prices predicted by other experts are similar to or even higher.
Presto isn’t the only one who believes that Bitcoin will reach a level of importance. six-figure mark. Robert Kiyosaki – the famed author “Rich Dad Poor Dad,” The crypto market is expected to reach $180,000-$200,000 in 2025.
Kiyosaki predicted in 2035 that Bitcoin would reach the magic number of $1,000,000.
Even though these predictions indicate a profound optimism on the crypto market, we must remember that the price of cryptocurrency still falls under volatile conditions no matter how important analyses and trends are.
Chart from TradingView, image from Unsplash
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
