Although the price of Bitcoin (BTC) remains below its all-time high of $73,780, recent analyst data points to significant upside potential.
Michael Sullivan made several predictions for the future movement of the Bitcoin price on his X page. According to the conservative forecast, with an average annual price growth rate of 30%, the value of BTC will be 245 thousand dollars in five years and, in ten years, 909 thousand dollars.
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At the same time, the most optimistic forecast, implying an average annual price growth rate of more than 100%, implies that the value of Bitcoin in five years will reach 2.1 million dollars, and in ten years, 67.5 million dollars.
It is worth noting that these predictions are of great interest to crypto market enthusiasts. It is important to remember that these are just predictions, and investors should carefully weigh their decisions as the cryptocurrency market is unpredictable and its movement depends on many factors, as NewsBTC reported.
Nevertheless, analysts are still predicting a further increase in the price of BTC, especially with the halving that took place on April 20, 2024, and the launch of a spot Bitcoin ETF in the United States.
In a recent video on Trade Gate Hub, economist Henrik Zeberg stated that the price of Bitcoin could reach $250,000 in the short term, but a more realistic target is a range of $110,000 to $115,000.
Tom Lee, co-founder of Fundstrat and an avid Bitcoin fan, predicts that BTC will hit $150,000 before the end of the year.
"I think Bitcoin will definitely hit new all-time highs this year, so I think the $150,000 level is likely to be reached this year. And in the longer term, I think there's nothing wrong with people setting a goal of reaching $500,000 for Bitcoin or much higher," Lee said.
At the time of writing, Bitcoin was trading at $66,654, up 0.32% in the past 24 hours.
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