Bitcoin Prediction: Asset Management Firm Forecasts $100K Price Soon
Ding Chen, CEO of CSOP Asset Management, forecasts that Bitcoin might soon hit $100,000, aligning with traders who believe that a rally spurred by Donald Trump’s support could be substantial.
Trump is scheduled to speak at the Bitcoin 2024 Conference this week, with speculation about a major Bitcoin announcement, possibly a strategic reserve.
CSOP has recently launched Asia’s first inverse Bitcoin ETF in Hong Kong, allowing investors to profit from declines in Bitcoin prices . Chen highlighted that this product addresses the lack of options for shorting Bitcoin.
Chen supports the view that Bitcoin could rapidly approach $100,000, partly due to Trump’s pro-crypto stance and positive market sentiment following Trump’s vice presidential pick, JD Vance.
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Kraken Completes Mt. Gox Payouts Without Triggering Bitcoin Sell-OffWhile recent Bitcoin ETF launches have not significantly boosted the market, BlackRock’s iShares Bitcoin Trust has attracted substantial institutional investment, with $19 billion in inflows this year. Despite a brief outflow, interest remains strong.
Matrixport notes that a rebound in Bitcoin’s hash rate, a key indicator of future rallies, signals a promising outlook. Bitcoin miners are also expanding into AI as mining revenues decline.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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