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Experts continue to see substantial potential in Bitcoin, even as its price has experienced significant volatility in recent weeks, dropping from nearly $60,000 to under $53,000 by Friday.
Although Bitcoin experienced brief recoveries last week, including a surge to $57,000, these gains were short-lived. The price then fell by over $4,000, leading to widespread market liquidations.
By the weekend, Bitcoin began to stabilize, hovering around $54,000. On Monday, trading saw a modest uptick, with the price rising above $55,000 for the first time since Friday.
Bitboy Targets $146K Bitcoin
Despite Bitcoin’s recent fluctuations, industry leaders have expressed bold predictions about the cryptocurrency’s future. Ben Armstrong, known as Bitboy, forecasted that Bitcoin could reach $146,641 in this cycle, though he did not base this figure on any specific analysis.
Armstrong’s prediction arrives as Bitcoin begins to recover from previous losses, with a modest 2.6% increase on the day. To reach Armstrong’s target, Bitcoin would need to climb approximately 164.6% from its current price of $55,418.
Notably, Bitboy’s Bitcoin price forecast coincides with fresh predictions from analysts at Bernstein, who believe the outcome of the U.S. presidential election could greatly impact Bitcoin’s trajectory.
Bitcoin Price Forecasts if Trump or Harris Wins
Analysts at Bernstein have forecasted that the outcome of the upcoming presidential election could significantly influence Bitcoin’s trajectory.
Specifically, they suggest that if Donald Trump wins, Bitcoin might surge to an all-time high between $80,000 and $90,000 by the end of the year, owing to his favorable stance on cryptocurrencies.
In contrast, if Kamala Harris is elected, Bitcoin could face a substantial decline, potentially falling below $48,000 and even dropping as low as $30,000. This reflects concerns about her administration’s unclear position on cryptocurrencies.
Long-Term Bitcoin Projections
In addition to short-term election-related forecasts, some experts are making bold long-term predictions. Michael Saylor, founder of MicroStrategy, has projected that Bitcoin could reach $13 million within the next 21 years.
This forecast implies a staggering 23,417% increase from Bitcoin’s current price. Saylor attributes Bitcoin’s potential to its ability to avoid counterparty risk, envisioning it as a valuable global asset in the future.
Should Bitcoin achieve this target, its market capitalization could soar to $257.26 trillion, compared to its current valuation of $1.09 trillion.