According to Brock Pierce, an early BTC adopter and co-founder of stablecoin Tether, the Bitcoin price could reach as high as $150,000 during the current bull market cycle.
Bitcoin Price To Top $150K In 2024?
Speaking during an appearance at Fox Business, Brock Pierce indicated that the recent surge in Bitcoin transaction fees as a protocol for Bitcoin-based meme coins went live on the network, is a bullish catalyst for the benchmark crypto. Over the past weekend, it was more expensive to transact on Bitcoin’s network than ever before in history.
Pierce noted that after nearly a decade, Bitcoin is now delivering smart contract functionality, non-fungible token functionality, and meme technologies. As users rushed to get a piece of these novel applications being built atop the Bitcoin chain, they were subjected to record-setting fees. The average Bitcoin transaction fee skyrocketed to $128 Saturday amid the quadrennial halving event and the simultaneous launch of Casey Rodarmor’s Runes protocol.
“Very exciting, and I’m happy with the price,” Pierce posited.
The former child actor anticipates Bitcoin hitting $150,000 “at some point this year” and $1 million in the long term.
Pierce explained why he is bullish:
“I think it’s likely we’ll see north of $100,000. I think $150,000 is probably a reasonable target at some point this year. And long-term, it’s $1,000,000 or more. It’s a binary outcome. Bitcoin either goes to zero— not really — or over $1,000,000 unless something happens. So it’s really binary in terms of what will happen over time.”
Isi BTC Tau Va'aiga
Pierce’s prediction is in line with several other recent forecasts. Analysts at Standard Chartered, for instance, see the Bitcoin price reaching $150,000 by the end of 2024. The bank based its analysis on a comparison with the price of gold after spot gold exchange-traded funds (ETFs) were launched in the U.S. and a correlation between BTC ETF inflows and the crypto’s price.
A more ambitious target puts the Bitcoin price peak at $100,000 by June 2024.
Seven-figure price targets have also emerged. One of the most well-known is from Ark Invest’s Cathie Wood, who is confident Bitcoin will hit $1.5 million by 2030 following the SEC’s approval of spot crypto products.
The BTC is up over 6.1% on the weekly chart, trading around $66,165.
Source: https://zycrypto.com/how-high-can-bitcoin-go-this-year-crypto-billionaire-says-150000-btc-price-target-is-reasonable/