Peter Chung, Head of Research at quantitative trading firm Presto, reiterated the prediction that Bitcoin will reach $210,000 by the end of 2025.
Peter Chung – Head of Research at Presto
In an interview on April 28, Chung stated that the entry of financial institutions into the market and the expansion of global liquidity are key factors driving his long-term optimistic outlook.
This analyst acknowledged that market conditions this year have not met expectations, especially given the challenging macro environment and market reactions.
However, he described recent corrections as “healthy,” arguing that they have created a stronger foundation for Bitcoin to move towards becoming a mainstream financial asset.
“Looking back, I think it was actually a healthy adjustment, paving the way for a reassessment of Bitcoin as a mainstream asset.”
The dual role of Bitcoin
Chung also discussed the dual nature of Bitcoin, describing it as both a “risk asset” and “digital gold.” He noted that Bitcoin often behaves like a high-risk asset, driven by user acceptance and network effects.
However, during periods of financial instability – such as during the outbreak of the Russia-Ukraine conflict in 2022 or the collapse of Silicon Valley Bank in 2023 – Bitcoin tends to act as a safe-haven asset, similar to gold.
“Such moments are very rare. They only occur when the market doubts the stability of the financial system dominated by the US dollar,” Chung explained.
Although Bitcoin has not risen as quickly as gold during periods of market volatility, Chung believes that BTC could “catch up” and even surpass traditional safe-haven assets by the end of this year. He also reaffirmed Presto's target for ETH, maintaining a pricing model based on the ETH/BTC ratio, reflecting confidence in ongoing improvements in the Ethereum network.
Bitcoin reaches $94,000 as institutional acceptance increases
Similar to Chung's viewpoint, Bitwise CEO Hunter Horsley stated in a recent post on X that the growth process of Bitcoin to $94,000 has occurred with minimal participation from retail investors, while noting that the search volume for 'Bitcoin' on Google remains at a long-term low.
According to Horsley, the current price increase is mainly driven by institutional investors, financial advisors, companies, and even countries.
“The types of investors buying Bitcoin are increasingly expanding,” Horsley said.
Interest in Bitcoin | Source: Hunter Horsley
According to data from BitcoinTreasuries.NET, the Bitcoin treasuries of companies currently hold nearly $65 billion in Bitcoin value.
On April 22, analysts from Standard Chartered and Intellectia AI stated that demand for Bitcoin from ETF funds and traders looking to hedge macro risks could double Bitcoin's price this year.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.