The price of Bitcoin has risen by more than 60% since the beginning of the year and has already broken through its 2021 all-time high of $69,050 and reached a new record high of almost $74,000. The most impressive thing about this milestone is that the most recent high came before the fourth halving for the first time ever.
With only a month left until the BTC production halving, the number of bullish forecasters continues to rise, and the most recent to cite $150,000 as a 2024 price target is Mark Yusko, CEO and CIO of Morgan Creek Capital Management.
BTC at $150,000 this year?
Speaking to CNBC's Fast Money, Yusko highlighted Bitcoin's advantages over other cryptocurrencies, but also its advantages compared to gold.
“Bitcoin is the king. It is the dominant token. It’s a better form of gold.”
According to Yusko, the main factor behind BTC's year-to-year increase is the spot Bitcoin ETFs in the US that were launched in January. In fact, the financial products experienced huge demand from investors as net inflows were nothing short of impressive in the first two and a half months of trading.
However, the hedge fund manager believes that there is still more potential for BTC to grow, especially with the upcoming halving scheduled to take place at the end of April.
“The big step will come after the halving. Towards the end of the year it starts to become more parabolic. And historically, about nine months after the halving, so sometime around Thanksgiving, Christmas, we see the price peak before the next bear market.”
More broadly, he predicted that BTC's price against the dollar could rise 10-fold over the next decade. That would mean one Bitcoin could be worth around $700,000.
Actually $150,000?
Yusko is not the only prominent person to have predicted a $150,000 price for Bitcoin this year. Fundstrat's Tom Lee was one of them, pointing out that the asset could more than double its value from current levels in 2024 due to its appeal to Millennials and Gen Z.
Interestingly, Standard Chartered, the British multinational banking giant that was once among Bitcoin's most vocal critics, also expressed a similar prediction for the asset. In a recent report, the bank's analysts increased their previous forecast by 50% and said BTC could reach $150,000 in 2024 and $250,000 by the end of next year.
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