In a recent analysis, Uphold’s Research lead, Dr. Martin Hiesboeck, foresees a potential quadrupling of Bitcoin's current market value, reaching $200,000 in a "very short time." The cryptocurrency has already more than doubled in price since the beginning of the year, and Dr. Hiesboeck's analysis points towards historical trends of significant gains following market bottoms.
A chart presented by Dr. Hiesboeck outlines notable increases in Bitcoin's value after hitting new lows, with gains of approximately 400% and 1700% from the 2018 and 2020 market bottoms, respectively. The recent all-time high in 2020 positions Bitcoin to require less than a 50% increase to surpass its previous peak.
The prediction aligns with historical four-year cycles of Bitcoin, indicating the potential for further gains. Driven by institutional demand, Uphold Research suggests that Bitcoin could rapidly climb to $200,000. This forecast is in line with earlier predictions by Bloomberg analysts, who anticipated a $500,000 valuation, emphasizing the growing role of institutional players in the cryptocurrency market.
Prominent financial institutions like Blackrock, Fidelity, and Templeton are poised to receive regulatory approval for Bitcoin ETF products in the U.S. market. Approval of these products is expected to make Bitcoin exposure more accessible, potentially attracting a fresh influx of capital into the cryptocurrency. The anticipation of a Bitcoin ETF has been a driving force behind Bitcoin's price surge, which currently sits above $43,000 with an $844 billion market cap at the time of writing.
