In a bold forecast for the world’s largest crypto asset, macro strategist Henrik Zeberg has predicted an explosive bull run for Bitcoin, potentially surging to $250,000 in 2024.
During a recent interview with Bloor Street Capital, the investor noted that Bitcoin is currently on the brink of an explosive phase, set to go “vertical.” The macro strategist established a conservative minimum target of $115,000, with the $150,000 mark deemed not only feasible but potentially over-shootable, suggesting the possibility of an unprecedented $250,000 valuation for the crypto asset.
“[Bitcoin] is going absolutely ballistic…I mean, it’s going to go vert vertical… I think we will reach at least $115,000-that’s my minimum target. I think $150,000 is also manageable and I could also see $250,000,” said Zeberg.
According to the pundit, a pivotal factor contributing to this anticipated surge is the expected entry of institutional and traditional investors into the crypto space, especially as spot Bitcoin exchange-traded funds (ETFs) have received regulatory approval in the United States. Zeberg suggested that the first four months of 2024 could be exceptionally thrilling for the crypto as these ETFs were given the green light.
While the launch of an investment product would confirm the $250,000 forecast, Zeberg asserted that this was not the sole determinant. He pointed out that individuals who missed the initial two bull cycles will likely participate in the upcoming one, creating substantial demand.
“Everyone who wasn’t in the first or second [bull cycle] will now say, Oh, I missed the first two, but I’ll be in this one,” he added.
Michael van de Poppe, the founder of MN Trading, aligned with Zeberg’s viewpoint, emphasizing that attention had shifted toward Bitcoin as the market eagerly awaited the approval of exchange-traded funds. Van de Poppe envisioned a subsequent capital flow back into altcoins once ETFs were launched, predicting a trading range of $48,000-$51,000 for Bitcoin.
However, amidst the prevailing optimism, not all experts shared the same sentiment. Gareth Soloway cautioned against expecting a doubling of Bitcoin’s price immediately following the ETF launch.
On Monday, Soloway highlighted critical levels and Fibonacci retracements around $48,000 to $50,000, indicating substantial resistance. While acknowledging the long-term impact of the ETF approval, he noted that much of the anticipated upside had already been priced in, foreseeing a retracement after the event.
Notably, Bitcoin has swiftly responded to the positive sentiment surrounding the approval of a spot ETF, catapulting over 7% in the last 24 hours, tapping $47,210.