Bitcoin is a hot topic in the world of cryptocurrency, with experts debating just how high it could go this cycle. Hadley Stern from Marinade Finance recently shared his thoughts on the matter, expressing his frustration with the constant hype surrounding the $100,000 mark. Stern believes it’s time for Bitcoin to break past this level for good.
During an episode of the Milkroad podcast, Stern predicted that Bitcoin could climb as high as $160,000 in this cycle before eventually settling back around $120,000. While some may view this as a conservative estimate compared to other predictions ranging from $150,000 to $250,000, and even extreme calls of $500,000 to $1 million, Stern sees it as a realistic target.
“I still think $160,000 would be an excellent top for this cycle,” Stern explained. He pointed out that the market often gets stuck at psychological price levels like $100,000, similar to how it did at $10,000 years ago.
Stern also highlighted the growing institutional involvement in the market, particularly through Bitcoin ETFs and corporate buyers like MicroStrategy. Approximately 6% of Bitcoin’s total supply is now held by ETFs, which could contribute to pushing prices higher.
While acknowledging that there is always room for surprises and that some traders are betting on $200,000 or higher, Stern views his $160,000 target as a balanced estimate.
In terms of short-term predictions for Bitcoin’s price, the cryptocurrency has been trading steadily within a price range, with the upper boundary of a rising trend channel acting as resistance. Currently holding above $107,900, Bitcoin could potentially test the $130,000 region within this cycle if it continues to push higher. However, traders should be prepared for a possible dip towards the $100,000–$104,000 support zone in the coming sessions. Maintaining above this area during a pullback would be a positive sign for a fresh rally.
While a deeper drop towards $91,000–$95,000 is still a possibility, it is not necessary unless Bitcoin fails to hold its current range.
Overall, the future of Bitcoin’s price remains uncertain, with various predictions and factors at play. Stern’s $160,000 target stands as a potential milestone for this cycle, but only time will tell how high Bitcoin will ultimately go.