Rali Perduhova, Co-Founder and CEO of 7RCC Global, made a bold prediction about the future of Bitcoin in a recent interview with “Bloomberg Crypto.” Perduhova believes BTC could reach a staggering $200,000 by the end of the year.
A few months ago such a prediction might have seemed far-fetched. However, Perduhova argues that various catalysts could push Bitcoin to this level. “Last time we were here, our target was 100,000. We are currently revising that to 200 by the end of the year, it could even be higher,” he said.
One of the important catalysts that Perduhova points out is the recent approval of Spot ETFs. This development not only opened the door to broader adoption of assets in the US, but also changed the trend in BTC globally.
Perduhova, who has been in about five or six countries in the last month, stated that the conversations with investors have changed significantly. “Yesterday we saw the UK open the door for cryptocurrency-backed ETNs. A day after we saw approvals in the US, we had ten issuers applying for a spot Bitcoin ETF in Hong Kong,” he added.
Perduhova added that she continues to believe $40-50 billion in the first year is a very realistic forecast for ETFs in the US. This demand, combined with demand outside the United States and the upcoming halving event, could put tremendous pressure on the Bitcoin price, according to Perduhova.
When asked if the halving event was already priced in, Perduhova made the following statement:
“If we just look at supply and demand, right now our miners are providing about 900 bitcoins a day. In mid-April that number will drop to 450 bitcoins a day. We're seeing demand for about 10,000 bitcoins a day. So if people are pricing that in right now, I think it's just due to supply and demand that's on price.” “We will definitely see this pressure.”
*This is not investment advice.