The cryptocurrency market is set for a potential all-time high of Bitcoin within 12 months. While industry specialists foresee Bitcoin reaching new peaks, institutional traders remain cautious, as revealed by a recent JPMorgan survey.
Expert Insights and Predictions on Bitcoin’s Trajectory
According to a recent survey by Finder, a panel of 40 crypto industry specialists foresees Bitcoin’s price soaring to unprecedented levels in the coming months. The survey indicates that 78% of these experts believe Bitcoin will achieve an all-time high within the next 12 months. The projected trajectory suggests a surge from the current valuation, with an anticipated peak of US$87,875 by year-end 2024.
Several factors contribute to the optimistic outlook for Bitcoin.
Kadan Stadelmann, CTO of Komodo, highlights the influence of major companies and institutional investors, coupled with the forthcoming Bitcoin halving event, which is expected to enhance scarcity and drive demand.
Daniel Polotsky, founder and chairman of CoinFlip, underscores the potential impact of rate cuts by the US Federal Reserve, alongside the approval of spot Bitcoin ETFs, in bolstering Bitcoin’s price.
Jason Lau, Chief Innovation Officer at OKX, emphasizes the long-term growth trajectory of Bitcoin, driven by increasing adoption and accessibility, particularly with the approval of Bitcoin ETFs.
However, not all experts share the same bullish sentiment. John Hawkins, Senior Lecturer at the University of Canberra, remains skeptical, viewing Bitcoin as a speculative bubble.
Jeremy Cheah, Associate Professor of Decentralised Finance at Nottingham Trent University, advocated a cautious approach, foreseeing a modest correction in Bitcoin’s price amidst economic slowdown and reduced ETF hype.
Contrary Institutional Traders’ Perspective
Contrary to the optimism expressed by industry specialists, a recent survey conducted by JPMorgan paints a different picture. The survey reveals that over half (54%) of institutional traders do not plan to trade cryptocurrencies in the next five years.
Does this extend to Bitcoin exposure in traditional institutional players following Bitcoin ETFs’ approval and massive rise? Well, only time can tell.
Furthermore, blockchain technology is perceived as less influential than in previous years, with AI and machine learning taking precedence in shaping the future of trading.
While industry experts predict a significant all-time high for Bitcoin, institutional traders are cautious about their crypt exposure.