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The head of research at Bitwise, Ryan Rasmussen, has indicated that Bitcoin may reach a new all-time price high by the end of the year.
According to Rasmussen, the current stagnation is merely a temporary phase preceding a fundamental shift in the ownership structure of digital assets. The rise of the leading cryptocurrency is expected to be more than just a random spike, with BTC potentially surpassing gold in market capitalization by 2029, as per the analyst’s belief.
“The catalyst for this scenario will be a steady influx of capital from institutional investors. Wall Street is gradually integrating cryptocurrency as a standard component of investment portfolios,” explained the head of Bitwise.
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He believes that the crypto market has been in a bearish phase for nearly a year, and retail investors are currently apprehensive — however, their return will signal the end of the downward trend.
“The focus of major players has shifted towards gold and other commodities, but this is merely a transitional phase of accumulation before brighter times ahead. Discussions at Bitwise with large brokers and pension funds indicate a genuine interest in Bitcoin,” the analyst stated.
The influx of capital through spot Bitcoin ETFs and the easing of monetary policy in the U.S. (primarily through lower interest rates) will create conditions under which old models will cease to function, paving the way for exponential growth of the leading cryptocurrency, Rasmussen announced.
Previously, experts from the American investment bank Compass Point noted the formation of an “air gap” in the Bitcoin market between the key support levels of $70,000 and $80,000.
