Bitcoin currently hovers around $43,400, with altcoins also seeing activity. Despite a lack of expected market turnaround, investor concern has eased due to a reduction in pressure from GBTC in spot Bitcoin ETFs. Experts are looking beyond short-term volatility to set long-term price targets for Bitcoin.
Long-Term Demand Surge for Bitcoin
Bitcoin maximalist Samson Mow predicts a surge in Bitcoin demand, bolstered by spot Bitcoin ETFs. He highlights significant BTC accumulation by ETFs as a key indicator for future growth, noting that demand from just two ETFs is already ten times the daily supply produced by miners.
Mow also points out that this demand will only intensify as supply halves in the coming months, potentially leading to demand outstripping supply by twenty times. He suggests that the inclusion of major players like MicroStrategy and Tether will further amplify this demand, putting pressure on the limited supply on exchanges and driving up Bitcoin’s price.
Bitcoin’s Projected Price Milestones
Cathie Wood of ARK Invest consistently maintains her prediction of Bitcoin reaching $1 million. She views Bitcoin as a robust inflation hedge, particularly in light of recent economic challenges. Wood’s confidence in Bitcoin grows with increasing global economic uncertainty and volatility, seeing it as a buffer against inflation, which she attributes to supply chain issues.
Overall, experts are setting their sights on a future where Bitcoin’s demand significantly outweighs its supply, leading to a substantial increase in its long-term value. They argue that Bitcoin’s inherent scarcity, coupled with increasing institutional demand, will drive its price to unprecedented heights.