‘Bitcoin (BTC) Over $100,000’ Hedge Fund Founder Shares Bullish Take
BlockTower Capital Founder Explains Why and How Bitcoin Could Hit Triple Digits by 2024
Given the current macroeconomic climate, Bitcoin hitting its all-time double high, which would be around $110,000, seems a plausible development, but not an easy one. If financial markets turn to risk as they did in 2021, that target may even be conservative, Paul says.
Thus, according to the investor, the main trigger could be the influx of fiat currency due to the increasing supply of exposure to the crypto market by traditional financial institutions, such as Grayscale’s GBTC trust.
Thin crypto ice cream
However, the investor also admits another development in the forecast, when the markets are hit by a recession and the stock market pulls back by a third, then the base case scenario would be new lows for BTC, even below $12,000.
Nevertheless, according to Ari Paul’s own statement, for now, he and BlockTower Capital have been betting on the growth of Bitcoin and have been holding on to it for a long time. In the meantime, BTC is trading at $23,400, at levels last seen in August 2022.