According to Sean Farrell, head of digital asset strategy for financial research firm Fundstrat, the bitcoin price can reach $116,000 in 2024.
Farrell’s research has previously anticipated the $40,000 bitcoin price hit in 2023, given credence to this new estimate, which would see bitcoin rise well past its all-time high of $69,000.
“The ($116,000 bitcoin) might shock some people, but I think … $40,000 would have shocked a lot of people,” Farrell said in a recent interview with Zack Guzmán of Coinage.
“Our analyses always start with … macro and we work our way up from there, looking at cycles, flows, fundamentals, catalysts for more near-term analyses," he stated.
Farrell noted significant inflows into bitcoin (BTC) as one of key reasons his model proposes a significant price hike, thestreet.com reported.
“From a flows perspective, if you look at what the dollar has done over the past few weeks and you look at where rates have gone, how equities have performed, how gold is performing, I would go as far as saying that, you know, we’ve seen the (exchange-traded funds) ETFs already act as this buoy for price,” Farrell added.