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Bitcoin To Peak Between $100K-150K, Solana To Top $600 This Cycle, Say Hedge Funds, VCs

Author: Aniket Verma | November 12, 2024 07:29am

A group of polled venture capital firms and hedge funds expected Bitcoin (CRYPTO: BTC) to peak between $100,000 and $150,000 this bull cycle, down from the astronomical forecasts set by other market researchers.

What happened: According to the "Q4 2024 Crypto Investment Manager Survey" by venture capital firm MV Global, nearly 45% of the respondents projected the top cryptocurrency to stay within the aforementioned range. 

These estimates were somewhat modest when compared to global investment bank Standard Chartered’s price target of $200,000 by end-2025 and investment management company VanEck's prediction of $300,000.

"Our conjecture is the upside sentiment has been reduced because of the last six months of market chop. In other words, the upside-tail is much less priced in," MV Capital said in the report.

Meanwhile, nearly half of the interviewed investors believed Bitcoin would peak in the second half of 2025, a position consistent with popular opinion.

Most participants anticipated huge upside potential for Solana (CRYPTO: SOL), with over 30% predicting a peak of over $600 this cycle. This would mean a 172% spike from the current market value.

Just over 23% expected the fourth-largest cryptocurrency to peak between $450,000 and $600,000.

See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration

A third of participants expected Ethereum (CRYPTO: ETH) to peak between $3,000 and $5,000, while the other third expected the second-largest cryptocurrency to top in the $5,000-$7,000 range.

"High conviction that both ETH and SOL outperform BTC this cycle, but SOL has much more upside," MV Capital quoted a liquid fund analyst as stating.

Why It Matters: The prediction markets have been energized amid the cryptocurrency market's record-breaking rally.

Bitcoin tapped an all-time high of $89,500 on Monday, representing a surge of nearly 30% over the week.

The odds in favor of BTC hitting $100,000 in 2024 on the popular cryptocurrency-based prediction platform Polymarket zoomed to 63% as of this writing. 

Price Action: At the time of writing, Bitcoin was exchanging hands at $88,598.31, up 8.81% in the last 24 hours, according to data from Benzinga Pro.

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Photo courtesy: Pixabay

Posted In: $BTC $ETH $SOL BTC

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