Bitcoin's stellar 2023 rally has more room to run over the coming year after the largest cryptocurrency breached US$30,000 last week.
Related: Blockhead Business Bulletin: Fed's Stress Test & US$30,000 Bitcoin
Bitcoin gained 72% in the first three months of the year, making it the best quarter since the three months that concluded in March 2021, when it gained around 103%.
Larger cryptos have likely bottomed out, according to a Blockhead study of 20 experts in investment management, research organisations, and institutional investors with over US$8 trillion in assets under management (AUM) combined.
They now bet that the 15-year-old Bitcoin, and the coin linked to the Ethereum blockchain network, Ether, will surge further.
The most optimistic call for Bitcoin is for it to double from here and for Ether to triple in price by the end of next year.
Related: Bitcoin Above US$30,000 on Fed’s “One More & Done” Bets
Massive Upgrade
That's up from the previous Blockhead survey in February, which forecasted US$27,000 and $30,000, respectively.
The largest cryptocurrency by market cap is predicted to increase by over 65% to US$50,000 by the end of next year, with the most optimistic call for Bitcoin to almost double from here and reach US$60,000.
"Despite a financial crisis plunging markets into a recession, the volatile cryptocurrency is holding its own," added the CAA.
Ether to Soar
That compared to US$1,900 and US$22,350 predicted just two months ago for those periods, respectively.
And if the most optimistic call is anything to go by, Ether is forecast to jump 150% from here to US$6,000 by the end of 2024.
Overall, the latest survey was a massive upgrade for the top cryptocurrencies.
The survey was conducted by Research Garage, on behalf of Blockhead. Responses were asked to be strictly anonymous and based on a speculative outlook and not forecasting models.
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