US-based independent research firm Fsinsight predicted the price rise of Bitcoin and Ethereum in a note to the investors, coindesk.com reported. Fsinsight, is a company of Fundstrat which is an independent research boutique providing market strategy and sector research. Fsinsight said that Bitcoin could reach $200,000 and Ethereum would go up to $12,000 during the second half of the year.
The research firm stated the following predictions based on their analysis of the crypto market:
The research firm stated the following predictions based on their analysis of the crypto market:
- Fsinsight said that the price of Bitcoin would increase by almost 500% and reach $200,000 per unit.
- On the other hand, Ethereum would jump 400% and attain the price of $12,000 per unit.
- The head of digital asset strategy Sean Farrell predicted the price because of the fact that currently major businesses and legacy market capital are entering into cryptocurrency investment.
- Farrell compared this to 2018, when tech stocks were performing well, but Bitcoin was sold off along with the rest of the crypto market cap.
- The report noted that cryptocurrencies are increasingly becoming connected to tech stocks.
- Farrell said that with the influx of another wave of investors, Bitcoin would be able to achieve the $200,000 target. Besides, the market also needs to rebound in the second half.
- He pointed out the rapid growth in NFTs, Web3 applications, and decentralized finance (DeFi) applications has led to extreme growth of the Ethereum network, and has also made it highly undervalued.
- The prediction also said that negative regulations of the US policymakers could act as a downside to the growth of the prices of leading cryptocurrencies.
- Farrell concluded that currently the conditions are highly conducive for both Bitcoin and Ethereum.
For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.