A prominent figure in the crypto space is envisioning a bullish trajectory for Bitcoin (
BTC
), potentially soaring into six-figure territory in the near future.

The enigmatic figure behind the InvestAnswers YouTube channel, known only by their pseudonym, divulged in an interview the possibility of Bitcoin catapulting by a staggering 282% from its current valuation. This surge is anticipated to be fueled by heightened demand following the approval of spot Bitcoin exchange-traded funds (ETFs).

According to the InvestAnswers’ host, the institutional investors’ involvement in ETFs thus far has been akin to a “small allocation game.” However, a significant shift is on the horizon. “The influx of capital is imminent. Institutions have been observing from the sidelines for approximately 90 days. This phase has been somewhat of a preliminary skirmish in the ETF realm. Yet, when the big players begin to allocate funds, even a modest 1% of their assets under management, the potential for Bitcoin to surpass the $200,000 or $250,000 mark becomes readily apparent.”

At the time of this discourse, Bitcoin is valued at $65,300.

The InvestAnswers’ host also highlights an impending substantial reduction in Bitcoin’s supply. “My initial conservative price projection for this bull cycle has been revised upwards from $150,000 to approximately $170,000, contingent upon sustained ETF adoption. However, once we confront a supply shortage, the situation could escalate dramatically. This scenario envisions a scenario where selling pressure diminishes significantly. While there may still be individuals inclined to liquidate holdings acquired at lower price points such as $1,000, $3,000, or $10,000, their actions are unlikely to satiate the voracious appetite of institutional players poised to enter the market.”

Furthermore, the anonymous host suggests that the timeframe for achieving this conservative price target may be expedited compared to the customary 18-month period typically observed post-halving. “Recent developments suggest that events are unfolding at an accelerated pace. Consequently, the previously estimated 18-month timeline could potentially be advanced to as early as the summer of 2025. Hence, the $170,000 milestone could materialize around mid-2025.”

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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors are strongly urged to conduct their own thorough research prior to engaging in high-risk ventures involving Bitcoin, cryptocurrency, or digital assets. It is imperative to acknowledge that all transfers and trades are executed at the individual’s own risk, and any resultant losses are their sole responsibility. The Daily Hodl neither advocates for nor discourages the acquisition or divestment of any cryptocurrencies or digital assets, nor does it assume the role of an investment advisor. Kindly note that The Daily Hodl engages in affiliate marketing initiatives.
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