Peter Chung, head of research at quantitative trading firm Presto, has repeated his prediction that Bitcoin (BTC) will reach $210,000 by the end of 2025.
In an April 28 interview with CNBC, Chung cited institutional adoption and global liquidity expansion as the primary drivers behind his long-term bullish outlook.
The analyst acknowledged that market conditions this year havenโt been as expected, specifically the challenging macroeconomic environment and market reaction.
However, he described the recent corrections as a โhealthyโ adjustment, suggesting they have laid a stronger foundation for Bitcoinโs progression toward becoming a mainstream financial asset.
โIn hindsight, I think it was actually a healthy correction which has paved the way for the further re-rating of Bitcoin as a mainstream asset,โ he said.
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Bitcoinโs dual role
Chung also discussed Bitcoinโs dual nature, describing it as both a โrisk-on assetโ and โdigital gold.โ
He said that Bitcoin typically behaves like a high-risk asset driven by user adoption and network effects.
However, during periods of financial instability, such as the 2022 outbreak of the Russia-Ukraine conflict or the 2023 Silicon Valley Bank collapse, Bitcoin tends to act as a safe-haven asset, similar to gold.
โThese moments are rare,โ Chung explained, โ[They] only happened when the market has doubts about the stability of the US dollar-dominated financial system.โ
While Bitcoin has lagged behind gold during recent market turbulence, Chung suggested BTC could โcatch upโ and potentially outperform traditional safe-haven assets by yearโs end.
Chung also reaffirmed Prestoโs target for Ether (ETH), maintaining its valuation model based on the ETH-to-BTC ratio, reflecting confidence in Ethereumโs ongoing network improvements.
Related: New Bitcoin price all-time highs could occur in May
Bitcoin hits $94,000 as institutional adoption expands
Echoing Chungโs view, Bitwise CEO Hunter Horsley said in a recent post on X that Bitcoinโs surge to $94,000 has occurred with minimal retail participation, noting that Google searches for โBitcoinโ remain near long-term lows.
According to Horsley, the current rally is being driven by institutional investors, financial advisers, corporations, and even nation-states.
โThe types of investors buying Bitcoin is expanding,โ Horsley said.
Corporate Bitcoin treasuries already hold nearly $65 billion worth of BTC, according toย data from BitcoinTreasuries.NET.
On April 22, analysts from Standard Chartered and Intellectia AI said institutional Bitcoin demand from exchange-traded funds and traders seeking to hedge against macroeconomic risk could cause Bitcoinโs price to more than double this year.
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