Many pundits are currently afraid to make large Bitcoin price predictions due to a rapid sentiment change.
However, value investor Mike Alfred believes that the cryptocurrency could potentially reach $200,000 in 2025 despite recent bearish headwinds.
During a recent conversation with prominent cryptocurrency trader Scott Melker, he revealed that his higher-end target is $315,000.
"My low-end target for Bitcoin next year is kind of $100,000 to $120,000…My high-end target is upwards of $315,000 and, of course, they're they are really smart people who think it can go higher," he said.
"I think the point is at a high level though is that the people who are saying that the cycle is over right that like bitcoin's not going to have a cycle at all like those people are the ones that are most likely to be wrong," he added.
Yuri MolchanEarlier today, the price of the largest cryptocurrency slipped below the $56,000 mark once again. According to data provided by CoinMarketCap, it is currently trading at $56,151.
Alfred has predicted that the U.S. Federal Reserve could surge by as many as 50 basis points. "They're trying to thread the needle to prevent unemployment from going up without causing inflation to go up. I think they're just going to pump small-cap stocks, biotech, Bitcoin, maybe some crypto," he added.
"The longer this goes on and the more frustrated people get, and the more people capitulate the bigger the up move will eventually be," Alfred added.
As reported by U.Today, permabull Tom Lee previously predicted that the Bitcoin price could hit $150,000.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team