Bitcoin price has risen more than 60% since the beginning of the year and has already surpassed its 2021 high of $69,050, hitting a new price of almost $74,000. What's most impressive about this milestone is that the latest peak came before the fourth-quarter halving for the first time in history.
With only a month left until BTC production is cut in half, the number of bullish predictions continues to grow, with the latest one putting a $150,000 2024 price target on Morgan Creek. Mark Yusko, CEO and Chief Information Officer (CIO) of Capital Management.
Is BTC this year $150,000?
In an interview with CNBC's Fast Money, Yusko highlighted not only Bitcoin's advantages over other cryptocurrencies, but also its advantages when compared to gold.
“Bitcoin is king. It's the dominant token. It's a better form of gold.”
In Yusko’s opinion, the US Bitcoin Spot ETF, which saw the light of day in January, is the main driver of BTC’s yearly rally. In fact, his net inflows in his first two and a half months of trading were amazing, and the financial product saw huge demand from investors.
However, hedge fund managers believe BTC still has room to grow, especially considering its halving scheduled for late April.
“The big move happens after the halving. Towards the end of the year, it starts to become more parabolic. And historically it's about nine months after the halving, so somewhere around Thanksgiving or Christmas, We will see a peak in prices before the next bear market.”
On a broader scale, he predicted that BTC's price against the dollar could rise tenfold over the next decade. This means that one Bitcoin could be worth around $700,000.
$150,000, right?
Yusko is not the only prominent figure to predict that the price of Bitcoin will reach $150,000 this year. Fundstrat's Tom Lee is one of them, suggesting that asset values could more than double their current levels by 2024 due to appeal to Millennials and Gen Z.
Interestingly, British multinational banking giant Standard Chartered, once Bitcoin's most vocal critic, shared similar predictions about the asset. In a recent report, analysts at the bank raised their previous forecast by 50% and said BTC could reach $150,000 in 2024 and $250,000 by the end of next year.
