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The founder of crypto hedge fund BlockTower Capital, Ari Paul, has expressed a bullish opinion, stating that Bitcoin could reach a price of $100,000 per coin by the end of 2024. Aware of the extreme optimism of his prognosis, Paul shared the arguments that had led him to think so.
Given the current macroeconomic climate, Bitcoin reaching its double all-time high, which would be just around $110,000, seems a plausible, though not easy, development. If financial markets turn on risk-on as they did in 2021, perhaps this target will even be conservative, Paul says.
Thus, according to the investor, the major trigger might be the influx of fiat money due to the growing offering of exposure to the crypto market from traditional financial institutions, such as Grayscale's GBTC trust.
Thin crypto ice
However, the investor also admits another development in the forecast, when markets are hit by a recession and the stock market folds by a third, then the base case scenario would be new lows for BTC, even below $12,000.
Nevertheless, according to Ari Paul's own statement, as for now, both he and BlockTower Capital are betting on Bitcoin growth and are long on it. In the meantime, BTC is trading at $23,400, at levels last seen in August 2022.
Vladislav Sopov