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.
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