Bloomberg Predicts Crypto Supercycle: Bitcoin Price Rally to $500K
The recent surge in Bitcoin (BTC) price could be the beginning of a new crypto supercycle that propels the world’s largest cryptocurrency to an astonishing $500,000.
Enthusiasts believe that the recent surge in BTC price, which saw the leading cryptocurrency surpass $42,000, is indicative of a new monetary order that is captivating Wall Street and the digital-assets community, according to a Monday report from Bloomberg .
The excitement surrounding Bitcoin’s rally has fueled optimistic predictions about its future gains.
The prophecies for how high the coin could go spanned anywhere from $50,000 in the immediate term, to above $530,000, the report noted.
“It’s getting crazy again. Those kinds of comments show just how quickly sentiment can change for this asset class,” said Matt Maley, chief market strategist at Miller Tabak & Co.
“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. Without another huge liquidity program, some of those predictions are a pipe dream.”
Bitcoin has experienced a remarkable revival in 2023, gaining over 150% so far this year.
Market-watchers are eagerly anticipating the approval of a Bitcoin-based exchange-traded fund (ETF) in the United States, which could bring billions of dollars of new investments into the space.
The prospect of a BTC ETF has generated significant institutional enthusiasm and contributed to the shifting market dynamics observed since mid-October.
According to Kaiko researchers, there has been a rise in crypto investment products and an uptick in daily spot-trading volumes, reaching a seven-month high in November.
They claimed
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