Bitcoin's Potential Surge to $150K Within Reach, According to Charles Edwards
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Bitcoin's Potential Surge to $150K Within Reach, According to Charles Edwards

Charles Edwards believes Bitcoin could hit $150K by year-end spurred by institutional interest and a growing demand for safe-haven assets.

Bitcoin may reach $150,000 by the end of the year, driven by a surge in gold’s appeal as a safe haven asset that has spurred institutional interest, according to hedge fund founder Charles Edwards.

Bitcoin’s recovery above the $120,000 threshold could indicate a quick move toward its new all-time high of $150,000, Edwards mentioned during an interview at Token2049 in Singapore. He stated, “I wouldn’t be surprised if we went up to $150,000 in a pretty short time, like we have to break out of the $120,000 range. But that’s probably coming, potentially in the next days.”

This surge reflects a 6% rise in Bitcoin in the past week, crossing above the $118,500 mark for the first time since August.

BTC/USD, one-month chart. Source: Cointelegraph

Related: US government shutdown may signal crypto market bottom: Analysts

Edwards believes his forecast is conservative compared to other analysts, who suggest Bitcoin could exceed $200,000 during the current cycle. André Dragosch, head of European research at Bitwise Asset Management, noted that the incorporation of cryptocurrency into US 401(k) retirement plans could mobilize $122 billion in new capital. He suggested that even a 1% allocation could propel Bitcoin above $200,000 before year-end.

Related: Ether supercycle debate, Circle reversibility plan and Aster’s surge: Finance Redefined

Four-year crypto market cycle may be “self-fulfilling”

Furthermore, Edwards indicated that there is a “just over 50%” probability for three consecutive positive months for the cryptocurrency market leading up to the year’s end. He expressed that the four-year cycle theory remains valid and may self-perpetuate as investors mitigate risks amidst expectations of recurring patterns.

“But at the end of the day, the driving force is the institutional buying, and if that pivots down, my view will be very different,” he added.

Edwards’ insights align with Bitcoin’s historical bullish performance during the final quarter of the year, where it has seen average monthly returns of around 20% in October, 46% in November, and about 4% in December according to CoinGlass data.

Bitcoin monthly returns. Source: CoinGlass

Moreover, analysts are identifying technical chart indicators, such as a developing golden cross pattern, which might set a Bitcoin price goal of approximately $150,000 in the fourth quarter, as reported by Cointelegraph recently.

Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds

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