Bitcoin could surge to a price of $150,000 before the year's end, according to a new report from Cooper Research.
The research firm predicts the world's oldest cryptocurrency could hit a price of $140,000 in September, sailing to $150,000 as soon as early October, the Friday shows. Its ascent “seems inevitable” as investors pour massive amounts of funds into Bitcoin exchange-traded funds, according to the analysts.
“Across a range of data metrics, Bitcoin appears primed for another significant leg upward,” the analysts wrote.
Cooper researchers’ earlier findings that Bitcoin markets could begin to overheat between the $140,000 and $200,000 range this year “still hold,” they added.
Bitcoin is poised to hit new highs as economic uncertainties drive investors to park their funds in risk-on investments, including spot Bitcoin ETFs.
The Bureau of Labor Statistics reported this week that consumer prices ticked up in June, fueling investors' jitters over the U.S. economy. Meanwhile, the Federal Reserve is reportedly poised to delay interest rate cuts at its meeting later this month, further stoking concerns that the U.S. economy will stagnate. The central bank hasn't slashed rates since December. And the bond market is showing signs of distress, too, underscoring investors' concerns over federal debt levels.
Amid those factors, U.S. spot Bitcoin ETFs pulled in more than $2 billion this week, marking one of their best weeks since the SEC greenlit the funds in January 2024.
Those inflows stand to have a significant impact on Bitcoin's price, according to the report.
Bitcoin has rallied an average of 1.8% for every 10,000 Bitcoins added to ETF holdings, the analysts said. That growing demand helped push the price of Bitcoin to multiple new all-time high marks since late last week, with the current record sitting just below $123,000, per data from CoinGecko.
But while Bitcoin is poised to make massive gains, it could soon begin trading in a less volatile manner, the analysts noted.
“With smarter capital taking the reins and leverage-driven retail mania fading into history, Bitcoin’s price action may now follow a more tempered path,” they said.
