Bitcoin Could Hit $200K This Year, Says Bitwise CIO: 'There's Too Much Demand And Not Enough Supply'
Portfolio Pulse from Benzinga Neuro
Bitwise Asset Management's CIO, Matt Hougan, predicts Bitcoin could exceed $200,000 in 2024 due to a significant supply-demand imbalance, particularly with the anticipated approval of spot Bitcoin ETFs. This revision from an initial $80,000 forecast is driven by growing demand from various investor groups and the upcoming halving event reducing new supply. Bitcoin's recent price surge to a new all-time high market cap of $1.33 trillion supports this bullish outlook.
March 05, 2024 | 12:44 pm
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Bitcoin's price is predicted to potentially exceed $200,000 in 2024, according to Bitwise Asset Management's CIO, Matt Hougan. This bullish forecast is based on a significant supply-demand imbalance, the anticipated approval of spot Bitcoin ETFs, and the upcoming halving event.
The prediction by Bitwise's CIO is based on a detailed analysis of the current market dynamics, including the anticipated approval of spot Bitcoin ETFs and the upcoming halving event, both of which are expected to significantly impact Bitcoin's supply and demand. Given the recent surge in Bitcoin's price and market cap, this bullish forecast is grounded in observable market trends, lending credibility to the prediction.
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