Bitcoin’s price has been up by more than 60% since the start of the year and it already broke its 2021 all-time high of $69,050 and charted a new one of almost $74,000. What’s most impressive about this milestone is that the latest peak came ahead of the fourth halving for the first time ever.
With just a month left until BTC’s production is sliced by half, the number of bullish predictions keeps rising, and the latest to outline $150,000 as the price target for 2024 is Morgan Creek Capital Management’s CEO and CIO – Mark Yusko.
When speaking to CNBC’s Fast Money, Yusko highlighted Bitcoin’s benefits over other cryptocurrencies but also its merits when compared to gold.
“Bitcoin is the king. It is the dominant token. It is a better form of gold.”
In Yusko’s opinion, the spot Bitcoin ETFs in the States, which saw the light of day in January, are the primary factor behind BTC’s yearly rise. Indeed, the financial products have seen massive demand from investors, as the net inflows for the first two and a half months of trading have been nothing short of impressive.
However, the hedge fund manager believes there’s still more room for growth for BTC, especially given the upcoming halving, scheduled to take place in late April.
“The big move happens post-halving. It starts to become more… parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”
Looking at the broader scale, he predicted that BTC could increase its price against the dollar by 10x over the next decade. This would mean that one Bitcoin could be worth somewhere around $700,000.
Yusko is not the only prominent individual who has forecasted a $150,000 price tag for Bitcoin this year. Fundstrat’s Tom Lee was among those, indicating that the asset could more than double its value from its current position in 2024 due to its appeal to Millennials and Gen Z.
Interestingly, Standard Chartered, the British multinational banking giant that used to be among Bitcoin’s most vocal critics, also shared a similar prediction for the asset. In a recent report, the bank’s analysts increased their previous forecast by 50% and said BTC could tap $150,000 in 2024 and $250,000 by the end of next year.