Bitcoin [BTC] has maintained a double-digit rally since the fourth quarter of 2023. The leading cryptocurrency by market cap rose 56.8% in Q4 2023. In the current quarter, Q1 2024, BTC traded +60% at the time of writing, based on data from TradingView.
Fred Krueger, a serious tech investor, former Wall Street trader and Bitcoin maximalist, commented on BTC’s continued rally: noted That;
“Bitcoin’s risk-reward ratio is the best it’s ever been.”
On the BTC price outlook before and after the halving, Krueger stated that the asset could reach $90,000 – $100,000 by April.
So the estimated short-term target is around $100,000. For the long-term outlook, the investor expects between $200,000 and $1 million by the next halving cycle at the end of 2028.
The ultimate goal during hyperbitcoinization is approximately $10 million – $20 million over the next 20-30 years. Krueger states that Bitcoin adoption is currently around 1%, when measured against a world population of approximately 8 billion.
As adoption increases, most things will be priced in Bitcoin. Krueger added;
“Bitcoiners like me believe that the 21st century will be dominated by Bitcoin as real money. We believe that in fifty years most things will be priced in Bitcoin.”
The main risk factor of Bitcoin
However, the rosy outlook for BTC’s future comes with one primary risk. According to Krueger, Ethereum [ETH] is the biggest risk for Bitcoin.
“Ethereum has more programmability than Bitcoin, especially if you want to do full tokenization of real-world assets. BlackRock talks a lot about tokenization as their endgame.”
As such, a scaled real-world asset tokenization scenario will benefit Ethereum and threaten Bitcoin.
Interestingly, Krueger has dismissed regulatory pressure as a threat to Bitcoin. He noted that millions of people have access to Bitcoin exposure through BTC ETFs, and that the US government will hesitate to criminalize the ETFs.
Moreover, BTC can still survive US regulatory pressure, just as it did after the Chinese ban in 2020.
Read Bitcoin (BTC) price prediction 2024-2025
BTC falls below $70,000
Meanwhile, Bitcoin faced headwinds over the weekend and saw increased short-term selling pressure starting March 14. At the time of writing, BTC was trading at $68.4K, down from a recent high of $73.7K.
According to LookOnChain data, a smart money analysis platform, the selling pressure mainly came from whale movements on the Binance exchange. The platform determined that $329 million worth of BTC had been moved to Binance for distribution before the dump.