Experts believe Bitcoin will reach a value of over $200,000 and say it could even rise to bitcoin hit $250,000 in the future.
This week, Bitcoin moved passed $60,000 and looks set to reach a new record high of just over $67,000.
The surge in value comes after a disastrous 2022 saw the value of crypto crash.
Since 2024 began, Bitcoin’s value has risen by 42 percent.
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Crypto is known to be extremely volatile with rapidly fluctuating values, but experts believe it could rise much further.
Trader Peter Brandt posted on X saying that Bitcoin could reach a value of $200,000 in the current bull market cycle.
This is up from previous estimates of $120,000.
He is not alone. CEO of Bitwise Asset Management, Hunter Horsley, believes Bitcoin could soar to $250,000 by encroaching on gold’s market value.
The Bitcoin market will also be impacted by the upcoming halving event in April – where the number of new Bitcoin entering the market will be cut in half permanently.
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Alex Adelman, chief executive and founder of crypto app Lolli, told The Independent: “Bitcoin’s momentum is now underpinned by a more mature and calculated approach with an understanding of its strength from the world’s biggest institutional players.
“Bitcoin’s scarcity will only increase with the upcoming Bitcoin halving. Bitcoin’s heightened scarcity, coupled with persistent institutional adoption will very likely drive Bitcoin to new and unprecedented price milestones.”
