Source: Cointelegraph
Original: “Presto Research Head Says Bitcoin (BTC) Could Reach $210,000 by 2025”
The head of research at quantitative trading firm Presto, Peter Chung, reiterated his prediction that Bitcoin will reach $210,000 by the end of 2025.
In an interview with CNBC on April 28, Chung pointed out that institutional adoption and global liquidity expansion are the main drivers of his long-term bullish outlook.
The analyst acknowledged that this year's market conditions have not met expectations, particularly given the challenging macroeconomic environment and market reactions.
However, he described the recent adjustments as a "healthy" correction, believing that these adjustments lay a more solid foundation for Bitcoin's advancement as a mainstream financial asset.
"From now on, I think this is actually a healthy correction that paves the way for Bitcoin's further re-rating as a mainstream asset," he said.
Chung also discussed Bitcoin's dual nature, describing it as both a "risk asset" and "digital gold."
He stated that Bitcoin typically behaves like a high-risk asset, driven by user adoption and network effects.
However, during times of financial instability, such as the outbreak of the Russia-Ukraine conflict in 2022 or the collapse of Silicon Valley Bank in 2023, Bitcoin often behaves like a safe-haven asset, similar to gold.
"These moments are rare," Chung explained, "[they] only occur when the market questions the stability of the dollar-dominated financial system."
Despite Bitcoin lagging behind gold during recent market turbulence, Chung believes Bitcoin could "catch up" and potentially surpass traditional safe-haven assets by the end of the year.
Chung also reiterated Presto's price target expectations for Ethereum (ETH), maintaining a valuation model based on the ETH to BTC ratio, reflecting confidence in the ongoing improvements of the Ethereum network.
Echoing Chung's views, Bitwise CEO Hunter Horsley stated in a recent post on the X platform that during Bitcoin's rise to $94,000, retail participation was extremely low, noting that Google search volume for "Bitcoin" remains close to long-term lows.
According to Horsley, the current rebound is driven by institutional investors, financial advisors, corporations, and even nations.
"The types of investors buying Bitcoin are expanding," Horsley said.
According to BitcoinTreasuries.NET, corporate Bitcoin reserves have accumulated nearly $65 billion in Bitcoin.
On April 22, analysts from Standard Chartered Bank and Intellectia AI stated that institutional Bitcoin demand from exchange-traded funds and traders seeking to hedge macroeconomic risks could lead to Bitcoin's price doubling this year.
Related: Bitcoin (BTC) Pulls Back After Surpassing $95,000; Institutional Activity May Trigger Market Volatility
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