Bitcoin [BTC] has maintained a double-digit rally since Q4 2023. The leading cryptocurrency by market cap was up 56.8% in Q4 2023. In the current quarter, Q1 2024, BTC posted +60% at the time of writing based on data from TradingView.
Commenting on BTC’s sustained rally, Fred Krueger, a serial tech investor, former Wall Street trader and Bitcoin maximalist, noted that;
“Bitcoin’s risk-reward ratio is the best it’s ever been.”
On BTC price prospects before and after the halving event, Krueger stated that the asset could hit $90K – $100K by April.
So, the near-term estimated target is around $100K. For long-term prospects, the investor expects $200k – $1M by the next halving cycle at the end of 2028.
The final target during hyperbitcoinization is about $10 million – $20 million in the next 20-30 years. Krueger states that Bitcoin’s adoption is currently around 1% when gauged against a world population of about 8 billion.
An uptick in adoption will see most things priced in Bitcoin. Krueger added;
“Bitcoiners like me believe that the 21st Century is going to be dominated by Bitcoin as an actual money. We believe that 50 years from now, most things are going to be priced in Bitcoin.”
Bitcoin’s key risk factor
However, the rosy outlook for BTC’s future faces one primary risk. According to Krueger, Ethereum [ETH] is the main risk to Bitcoin.
“Ethereum has more programmability than Bitcoin, especially when you want to do full tokenization of real-world assets. BlackRock talks a lot about tokenization as their endgame.”
As such, a scaled real-world asset tokenization scenario will benefit Ethereum and threaten Bitcoin.
Interestingly, Krueger dismissed regulatory pressure as a threat to Bitcoin. He noted that millions have access to Bitcoin exposure through BTC ETFs, and the US government will hesitate to criminalize the ETFs.
Additionally, BTC can still survive US regulatory pressure just like it did following China ban in 2020.
Read Bitcoin (BTC) Price Prediction 2024- 2025
BTC dips below $70K
In the meantime, Bitcoin faced headwinds toward the weekend and saw heightened short-term sell pressure from 14th March. At the time of writing, BTC traded at $68.4K, down from a recent high of $73.7K.
As per LookOnChain data, a smart money analysis platform, the selling pressure mainly came from whales’ moves on the Binance exchange. The platform established that $329M worth of BTC was moved to Binance for offloading before the dump.
