As Bitcoin closed January 2022 in a more bullish state than before, analysts are making even more positive predictions for the long term. Ari Paul, CIO and founder of BlockTower, predicts that Bitcoin could hit $100,000 by 2024. He cites Bitcoin’s performance in 2017, explaining that it is not an exaggeration to expect Bitcoin to be four times its current price next year. Paul notes that traditional financial offerings, such as funds and exchange products, can help the market usher in a significant amount of fiat currencies, similar to how Grayscale’s GBTC did.
Building on his prediction, he cites a technical target made by analyst Davethewave, in which Bitcoin’s price looks likely to touch $180,000 in 2025. However, Paul also notes that his prediction could be wrong if there is a general recession and equities fall 30% in the next quarter. He added that many other risks could impact Bitcoin’s price.
Meanwhile, cryptocurrency on-chain analytics platform CryptoQuant has labeled 2023 as the year for a bull run. According to their analysis, a bull market typically begins after the percentage of Bitcoin records a sudden upsurge, following a major market decline after a long period. The percentage of one-week to one-month BTC is also expected to rise swiftly. While it is uncertain how long it will take for BTC to bottom, a massive downswing in Bitcoin’s price indicates a positive result ahead, according to Cryptoquant.
Overall, the outlook for Bitcoin in the long term is bullish, with analysts predicting significant price increases in the coming years. However, it is important to note that the cryptocurrency market is highly volatile, and various risks could impact Bitcoin’s price.