Bitcoin price prediction | Can it hit $150k?

With Bitcoin surging to $66,700, could a new all-time high be on the horizon, fueled by easing U.S. inflation and talk of Fed rate cuts?

Bitcoin (BTC) has recently surged in price, reaching as high as $66,700 on May 16, with the current price standing at $65,800 levels. 

This uptick follows the release of the U.S. economic data. Inflation across the U.S. eased slightly last month, with the consumer price index (CPI) rising at an annual rate of 3.4% in April, down from 3.5% the previous month. 

CPI data suggests a potential downward trend in the cost of living, prompting speculation of a Fed rate cut.

Other central banks such as the Bank of England (BOE) and the European Central Bank (ECB) are also expected to cut rates in June, indicating improved market liquidity for risk assets, including crypto.

BTC, like other risk assets, is influenced by changes in the monetary policies of major central banks. When the cost of borrowing fiat money is expected to decrease, BTC tends to rally. 

Meanwhile, Salim Ramji, a former Blackrock executive, has been appointed as the new CEO of Vanguard. His appointment has raised industry speculation on whether Vanguard will introduce spot Bitcoin ETFs under his leadership, given his pro-Bitcoin and blockchain technology perspective. 

However, Ramji has stated that he intends to maintain consistency with Vanguard’s investment philosophy and product offerings.

What does all of this mean for BTC and its price action in the coming days? Let’s find out.

Public reaction and speculations 

In response to the recent surge in Bitcoin’s value, public sentiment has generally been positive. 

Andrew Tate, known for his controversial statements, expressed a strong desire to move away from traditional fiat currencies and fully embrace Bitcoin. 

He tweeted about moving over 100 million into BTC, citing a loss of faith in traditional banking systems and viewing Bitcoin as a more secure and reliable store of value.

On the institutional side, there has been growing interest and participation in Bitcoin. 

ETF analyst Eric Balchunas, renowned for his insights at Bloomberg, mentioned about the diversity of institutional investors participating in the spot Bitcoin ETF IBIT. 

In its first 13F filing season, IBIT reported 414 holders, a number typically achieved years after a product’s launch.

To simplify, a 13F filing is a report that institutional investment managers must file with the Securities and Exchange Commission (SEC). It discloses their holdings in public companies and provides insight into their investment strategies. 

The fact that IBIT has attracted so many institutional investors early on is a strong indicator of the growing institutional interest in Bitcoin.

Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital, notes that skeptics are now embracing Bitcoin for the long term after conducting thorough research, suggesting a cycle of increasing acceptance among mainstream investors.

Some in the community are even predicting that the third and fourth quarters of 2024 will be particularly fruitful for Bitcoin in terms of price gains. 

This optimism is fueled by expectations of continued institutional adoption, regulatory clarity, and increasing awareness and acceptance of Bitcoin as a legitimate asset class.

BTC price prediction 

Bitcoin is once again showing signs of strength, with the recent breach of the $65,000 resistance level hinting at a potential move towards a new all-time high. 

TradingShot, a prominent crypto trading expert, has set an ambitious target of $150,000 for BTC by August 2024. 

TradingShot’s prediction is supported by Bitcoin’s current behavior, as evidenced by its recent 25% correction and the subsequent rebound, which TradingShot considers a normal occurrence within bull cycles. 

BTC price chart | Source: TradingView

The analyst also noted that Bitcoin has closed above the one-day moving average of 50 (MA50) after facing two rejections, signaling promising upward growth.

Meanwhile, renowned analyst Michaël van de Poppe has noted that BTC has maintained strong support at $60.5K and predicts a period of calm, upward movement for BTC. 

Van de Poppe suggests that this period of stability could lead to increased confidence in the market, potentially benefiting altcoins as well.

Similarly, another well-known analyst, Titan of Crypto, has made a conservative prediction for BTC’s price cycle top, suggesting it could reach $108,000 based on Fibonacci circles. 

However, Titan of Crypto believes that BTC’s price could exceed this prediction, indicating a bullish outlook for BTC.

Peter Brandt, a respected trader and analyst, has also expressed optimism about BTC’s future price movement. 

Brandt has shared a chart that suggests a positive roadmap for BTC, indicating that his preferred interpretation of the data aligns with a bullish outlook for the cryptocurrency.

However, as with any investment, it’s important to conduct your own research and consider your risk tolerance before making any decisions. Always remember that predictions can go wrong, so you should never invest more than you can afford to lose.

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About the Author: Daniel