Bitcoin OG sees $700K BTC price, $16K Ethereum in this ‘Valhalla’ cycle

Key Points

  • Bitcoin is expected to reach $700,000 this cycle due to a "massive liquidity injection"
  • Abra's Bill Barhydt predicts Bitcoin at $350,000 as a "base case"
  • Ethereum is forecasted to hit $8,000, with Solana reaching $900
  • The new US government administration under President Donald Trump is expected to lower interest rates and inject liquidity
  • Potential for a 25% BTC price crash before reaching these highs

Summary

Bill Barhydt, the founder and CEO of crypto asset manager Abra, has made bold predictions for the cryptocurrency market in the current cycle, which he refers to as "cyclical Valhalla." He anticipates Bitcoin reaching a peak of $700,000, with a base case of $350,000, driven by significant liquidity injections expected in the first quarter. Barhydt attributes these predictions to the new US government's policies under President Donald Trump, which aim to lower interest rates and manage over $7 trillion in debt through tax cuts and other means, potentially leading to quantitative easing (QE). Alongside Bitcoin, he also forecasts Ethereum to hit $8,000 and Solana to reach $900. However, not all views are optimistic; former BitMEX CEO Arthur Hayes warns of a possible 25% drop in Bitcoin's price before any significant rise, suggesting a retest of $70,000 to $75,000. These predictions come amidst a backdrop of high expectations and volatile market conditions, with various global firms also setting high price targets for Bitcoin.

cointelegraph
February 9, 2025
Crypto
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