invezz.com
Bitcoin hitting $100,000 is “not just a possibility but a likely eventuality”, says Amir Tabch – chief executive of Liminal Custody Solutions.
Tabch expects BTC to hit $100,000 in 2024
His analysis based on “sophisticated wave theories” suggests the recent pullback in BTC from its all-time high of over $73,000 may be an opportunity to buy.
Tabch is convinced the recently approved ETFs that are rapidly bringing institutional capital into the crypto market alone is a strong enough catalyst for Bitcoin to hit $100,000 by the end of 2024.
The financial technology expert is bullish on the exchange-traded funds as “these regulated investment vehicles offer a more accessible route” to park your money in Bitcoin without having to deal with the “technicalities of coin storage”.
Tabch made the aforementioned remarks in a recent interview with Invezz.
Liminal CEO sees Bitcoin as more than a safeguard
Spot Bitcoin ETFs have already welcomed billions in institutional money that indicates “positive sentiment among traditional investors”, as per the Liminal CEO.
Speculative nature of its demand also “unveils considerable opportunities” in the form of increased liquidity, he added as he spoke with Invezz over the weekend.
That makes Bitcoin much more than just a “safeguard” and helps draw a “diverse range of investors” including those interested in it as a “viable long-term asset” as well as the ones chasing rapid gains.
Note that the Federal Reserve recently signalled three rate cuts this year as Invezz reported here which may be a tailwind for BTC as well.
Tabch shares view on the upcoming halving event
Lastly, Tabch expects the halving event scheduled for next month to “markedly influence” the price of the world’s largest cryptocurrency.
Bitcoin has a history of delivering material gains in weeks leading up to the halving and making a new record high afterward.
But the cycle this year is particularly “unique” as it has achieved that milestone well before its total supply is slated to cut in halve – “a first in Bitcoin history attributed to dual forces of diminished supply and escalating market expectation”. The chief executive of Liminal Custody Solutions concluded:
[Institutional] endorsement could act as a beacon, drawing further participation from a wide array of investors, thereby enriching the ecosystem and potentially buffering against volatile swings.
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