Bitcoin could quadruple its current market value, according to predictions by Uphold’s Research lead.
The price of Bitcoin has more than doubled since the start of the year. Yet, there could still be more to come in a “very short time,” according to Uphold Research lead Dr. Martin Hiesboeck.
In a recent X post, Dr. Hiesboeck shared an analysis chart showing several high and low Bitcoin price points within the past six years. Notably, the price of Bitcoin has delivered significant returns after hitting new bottoms.
From its 2018 and 2020 market bottoms, the price of Bitcoin gained around 400% and 1700%, respectively. The latter marked the cryptocurrency’s most recent all-time high, with Bitcoin now needing less than a 50% increase to equal.
The numbers thus suggest that BTC historically records significant gains after setting a new market bottom, such as the $15,485 recorded in December 2022. Hence, the leading cryptocurrency is predictably on course to surpass its previous all-time high if current market conditions prevail.
Institutions to Drive Price Rally
While Bitcoin’s historic four-year cycles suggest further gains, Dr. Hiesboeck predicts that the move up to $200,000 will come very soon. The Uphold Research lead hinted that it would be driven mainly by institutional demand for BTC.
Institutional demand for $BTC will drive price to >200k in a very short time. pic.twitter.com/BDUzgomdqw
— Dr Martin Hiesboeck (@MHiesboeck) December 8, 2023
Notably, the above predictions are not completely out of the ordinary. Earlier this year, Bloomberg analysts predicted that Bitcoin would reach $500,000 due to increased institutional involvement.
Traditional financial giants, such as Blackrock, Fidelity, and Templeton, are on the cusp of receiving regulatory approval for Bitcoin ETF products accessible in the U.S. market. Many anticipate that approving such a product would make BTC exposure easily accessible and lead to an influx of fresh capital into the asset.
The potential for a Bitcoin ETF has been a primary driver behind the price of BTC, doubling since the start of the year. BTC sits above the $43,000 mark at the time of writing, with an $844 billion market cap.
