Bitcoin (BTC) has been the hot topic of discussion for some of the top financial companies in the US. Big giants are already giving six-figure targets for BTC and expecting it to overtake gold in the long term.
Bitcoin (BTC) is currently flirting at around $59K levels at this point as the overall cryptocurrency market cap is around $2 trillion. Well, as Bitcoin continues to consolidate its position at this point, top US funds, including Ark Invest, are giving massive price targets for BTC in the long term.
Well, the global macro scenario and fears of inflation are helping Bitcoin cement its position strongly in the market. This has made top funds optimistic about its potential future. Banking giant JPMorgan has given a price target of $130K for Bitcoin (BTC).
Ark Investment Is Positive about Bitcoin
On the other hand, Ark Investment sees Bitcoin nearing to half-a-million-dollars in the coming years.
As per the fund house, Bitcoin can easily eclipse the market of gold going further.
BREAKING: Ark Invest believes #Bitcoin’s market capitalization will one day “comfortably eclipse” that of gold, and exceed $10 trillion
— Market Meditations (@MrktMeditations) April 5, 2021
Well, the Bitcoin billionaires Winklevoss twins had already predicted this scenario last year in August 2020. At that time, Bitcoin was trading around $10-$12K levels. In the article “The Case for $500K Bitcoin”, Tyler Winklevoss wrote:
“Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”
Bitcoin Fundamentals Continue to Improve
While Bitcoin (BTC) has been trading currently at $59K, its fundamentals have also continued to improve simultaneously. Firstly, the Bitcoin supply at exchanges has gone to a 19-month low with major institutional purchases moving to cold storage.
On the other hand, data from Glassnode shows that the net miner position has turned positive. It means that miners are no more selling their Bitcoins but rather continue to hold and accumulate.
Miner net position change metric flashing green, indicating miners are holding onto newly mined coins.https://t.co/3KZUOO8i1p pic.twitter.com/3vAb7sXc7K
— unfolded. (@cryptounfolded) April 5, 2021
It seems that Bitcoin will further continue to move ahead from the current levels. A number of market analysts have already given price targets above $100K by the year-end. As per a popular analyst PlanB, Bitcoin (BTC) will cross $100K levels by September 2021 as per his stock-to-flow (S2F) model.
Also, will big Wall Street companies participating in the Bitcoin market, massive money inflow is expected in the coming times.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
