The prices of the two biggest cryptocurrencies, bitcoin and ethereum, have skyrocketed this year, with bitcoin’s price doubling since its lows in 2022 (when some predicted that the market will soon be hit by a China earthquake).
Even as U.S. officials and lawmakers have been accused of forming a covert “alliance” to destroy cryptocurrency, the price of bitcoin has increased by over $30,000 this month, reaching its highest level since last summer.
Now, a well-known proponent of the bitcoin price has endorsed tech investor Cathie Wood’s bold $1 million price forecast, claiming that he anticipates the price of bitcoin will climb to over $200,000 per bitcoin within years, giving the entire bitcoin network a value of over $4 trillion.
Lee told that he believes the chief executive of Ark Invest’s analysis of bitcoin’s limited supply and scarcity, which continues to argue that, if this isn’t an upcycle, her numbers are correct, i.e., something in the $200,000-plus range, and that bitcoin has been “battle-tested” by the latest regulatory legal action against major exchanges Coinbase and Binance.
The largest asset manager in the world, BlackRock, has recently brought attention back to bitcoin by requesting approval from the U.S. Securities and Exchange Commission (SEC) to launch the first U.S. spot bitcoin exchange-traded fund (ETF).
Many guys have kind of departed the stage, but we’ve replaced them with, you know, some of the traditional players who have a lot of credibility, Lee added. Like the Blackrock and the Citadels getting into Bitcoin, he continued, alluding to the recent establishment of EDX Markets, a new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab.
While this is going on, observers of the bitcoin, ethereum, and cryptocurrency markets have noted that seasonal patterns may in the near future provide the price of bitcoin a further boost.
Despite the fact that the summer is typically a time of consolidation for bitcoin, a robust July is typically followed by a mediocre August and a selloff in September. Head of research at the crypto-services company Matrixport, Markus Thielen, stated in an email.
By the end of the year, Matrixport predicts that bitcoin will be worth $45,000, up from its current price of $30,000, a 50% rise.
