Renowned crypto analysis channel BitBoy Crypto recently presented a bullish forecast for Bitcoin, projecting a potential surge to $140,000. The leading cryptocurrency, currently enjoying a strong position in the market, could be poised for a significant climb, according to AJ, an analyst from BitBoy Crypto.
This forecast comes at a time when Bitcoin continues to captivate institutional investors and attract large funds interested in capitalizing on its sustained growth.
Bold Bitcoin Prediction Amid Growing Institutional Interest
AJ’s latest analysis for Bitcoin points to a potential climb to $140,000 in the next bullish cycle. This prediction, particularly ambitious in its scope, follows BlackRock’s recent filing for a Bitcoin Exchange Traded Fund (ETF).
This move sparked a chain reaction with several other large funds submitting their own filings, further underscoring Bitcoin’s burgeoning influence in the crypto landscape.
Additionally, AJ forecasted that Bitcoin is set to consolidate its share of the crypto market in the coming years. This notion stems from two key factors: Bitcoin’s distinct position as a non-security digital asset, unlike various altcoins, along with its pioneering status in the market that has garnered institutional investor attention.
According to AJ, Bitcoin’s dominance in the crypto market will not wane in the foreseeable future. He, however, did not dismiss the potential for Ethereum (ETH) to possibly surpass Bitcoin in terms of market capitalization in the long term. However, from a tokenomics perspective, Bitcoin stands out significantly from most altcoins.
Currently, 92% of Bitcoin’s maximum supply is in circulation, contrasting sharply with several crypto projects, where only approximately 50% of their max supply ranging from 500 million to 1 trillion tokens is in circulation.
BTC Climb And Market Cap Increase
Wrapping up his speculation, the BitBoy Crypto analyst surmised that Bitcoin’s value could increase to somewhere between $100,000 and $140,000 in the next bull market. Moreover, he projected that Bitcoin’s market capitalization would reach at least $2 trillion, provided his bullish thesis holds true.
This BTC prediction is just one out of the many Bitcoin predictions reported in the past weeks. Last week, renowned analyst Willy Woo sets forth a prediction suggesting Bitcoin could potentially scale up to a price of $310,000 under a specific set of circumstances. These conditions included institution players allocating 5% of their Assets Under Management (AUM) into BTC.
Weeks prior, another crypto analyst Credible Crypto predicted that Bitcoin could reclaim its previous peak of $69,000 based on the assumption of a continuing “parabolic advance”
Regardless, BTC currently trades above $31,000 at the time of writing. The asset is up 1.4% in the past 24 hours and has a daily volume of $16.5 billion over the same period.
Featured image from Shutterstock, Chart from TradingView