Bitcoin Bulls Eyeing $200k 🚀: Bitget Director Reveals Price Target

Bitcoin Bulls Predict a Surge to $180,000 – $200,000

Bitcoin has the potential to reach new heights in its ongoing bull run, with experts predicting that the cryptocurrency could surge to $180,000 – $200,000. Gracy Chen, the managing director of Bitget, believes that institutional stakeholders’ bullish interest in Bitcoin will drive its price up during this cycle.

Currently, BTC is trading above $67,200, experiencing a 6% increase in the past 24 hours.

“From the recent data on Bitcoin investors, it seems holders are less sensitive to price volatility and generally see the halving event as bullish. So, if Bitcoin ETFs keep seeing strong net inflows this week, chances are high that we will see a new all-time high soon.”

– Gracy Chen, Bitget managing director

Nine BTC ETF issuers have attracted over $7 billion in cumulative inflows, despite Grayscale investors cashing out nearly $9 billion from the firm’s converted GBTC exchange-traded fund. These new Bitcoin fund providers have accumulated at least 750,000 BTC since trading opened on U.S. exchanges on Jan. 11 and boast over $20 billion in assets under management (AUM).

The prevailing sentiment among analysts and experts is that a supply shock is imminent due to the upcoming Bitcoin halving. In April, the reward for mining new blocks will be reduced by 50%, leading to a decrease in the rate at which new tokens enter circulation and ensuring scarcity.

Opinion leaders such as Matrixport, Fundstrat’s Thomas Lee, and Anthony Scaramucci believe that increasing demand from spot Bitcoin ETFs, coupled with the halving and incoming institutional money, will trigger a parabolic surge in BTC’s price far beyond its previous all-time high.

99% of Bitcoin Addresses Now in Profits

Bitcoin’s surging price has resulted in gains for most holders, with 99.75% of BTC addresses now in profits according to IntoTheBlock data. This means that losses incurred by investors who bought at the top of the previous bull run have almost been fully recovered.

Currently, fewer than 1% of holders (around 7,680 addresses) are still experiencing losses. However, if BTC pushes above $67,413 for the first time since late 2021, these holders could also see profits on their positions.

The Potential for Bitcoin to Reach New Heights

The current bullish interest from institutional stakeholders and increasing demand from spot Bitcoin ETFs suggest that Bitcoin has the potential to reach new heights during this bull run. Experts predict that BTC could surge to $180,000 – $200,000, at least three times its current price.

A Supply Shock and Halving Event

Analysts believe that a supply shock is imminent due to the upcoming Bitcoin halving event. In April, the reward for mining new blocks will be reduced by 50%, effectively decreasing the rate at which new tokens enter circulation and maintaining scarcity.

New Bitcoin Fund Providers

Recovering from Previous Losses

The surging price of Bitcoin has resulted in gains for the majority of holders, with 99.75% of BTC addresses now in profits. This means that losses incurred by investors who bought at the top of the previous bull run have almost been fully reconciled.

Hot Take: Bitcoin’s Potential to Reach New All-Time Highs

Bitcoin’s current market conditions and increasing institutional interest indicate that the cryptocurrency has the potential to reach new all-time highs during this bull run. Experts predict that BTC could surge to $180,000 – $200,000, representing a significant increase from its current price.

Furthermore, the upcoming Bitcoin halving event and the influx of new Bitcoin fund providers contribute to the positive sentiment surrounding BTC’s future performance.

If Bitcoin ETFs continue to see strong net inflows and demand remains high, there is a high chance that Bitcoin will achieve a new all-time high soon.