A group of venture capital firms and hedge funds polled predicted that Bitcoin’s BTC/USD price would reach a peak between $100,000 and $150,000 in this bull cycle, a decline from the astronomical predictions made by other market researchers.
What Happened: According to the “Q4 2024 Crypto Investment Managers Survey” conducted by venture capital firm MV Global, nearly 45% of respondents expected the top cryptocurrency to remain within the aforementioned range.
These estimates were rather modest compared to global investment bank Standard Chartered’s price target of $200,000 by the end of 2025 and investment management firm Van Eck’s forecast of $300,000.
“Our guess is that the upside has declined due to the past six months of market turmoil. In other words, the upside is much less priced in,” MV Capital said in the report.
Meanwhile, nearly half of the investors interviewed believe that Bitcoin will reach its peak in the second half of 2025, a position that is consistent with public opinion.
Most participants expected huge upside potential for Solana SOL/USD, with more than 30% of them anticipating a peak of over $600 in this cycle. This means an appreciation of 172% from the current market value.
Just over 23% expect the fourth-largest cryptocurrency to peak between $450,000 and $600,000.
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A third of participants expected the price of Ethereum (ETH/USD) to peak between $3,000 and $5,000, while another third expected the second-largest cryptocurrency to reach the $5,000 to $7,000 range.
“High conviction that both ETH and SOL outperform BTC this cycle, but SOL has much more upside,” MV Capital quoted a liquid fund analyst as saying.
Why it matters: Prediction markets have been invigorated amid the cryptocurrency market’s record rise.
Bitcoin reached an all-time high of $89,500 on Monday, representing a roughly 30% increase over the week.
The odds of BTC reaching $100,000 in 2024 on popular cryptocurrency-based prediction platform Polymarket have risen to 63% as of this writing.
Price Action: At the time of writing, Bitcoin is trading at $88,598.31, up 8.81% over the past 24 hours, according to data from Benzinga Pro.
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