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Sam Cooling
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Sam Cooling
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Once considered an unrealistic milestone, Bitcoin surpassing $100,000 has silenced critics, yet one prominent CEO predicts the rally could soon take a breather – here’s why.
2024 has been a defining year for Bitcoin. Key events such as the approval of Spot Bitcoin ETFs in January, the long-awaited Halving in April, and the volatility surrounding the Presidential election cycle have fueled a mega bull market.
This rally has propelled BTC/USD to a record high of $103,679, cementing Bitcoin’s dominance in the financial landscape.
However, for smart money investors, none of this is a surprise, as the ongoing bull run continues to add weight to the long-standing theory around predictable Bitcoin price cycles.
Indeed, some Bitcoin maxi figures like Michael Saylor still believe Bitcoin is undervalued at current BTC USD price levels,
Crypto CEO Claims Bitcoin Price is Set For Major Correction to Down to $65,000
While many in the crypto space remain bullish with price predictions reaching as high as $1 million, such as those from JAN3 CEO Samson Mow, not everyone shares this optimism.
However, not all in the crypto industry share this optimistic view, with some prominent figures now bearish about the short-term potential of Bitcoin price action.
Ilya Volkov, the CEO of Switzerland-based DeFi platform YouHodler, expects a major BTC USD price correction in 2025, with the crypto executive currently targeting the $60,000-$65,000 range.
In an explanation, Volkov highlighted that despite the short-term risk of a price correction for BTC, the current trend towards cryptocurrency represents the birth of a major change in how the global financial ecosystem operates.
“However, broader financial instability and currency devaluations may catalyze the emergence of large-scale debt markets utilizing cryptocurrencies, including loans and bonds,” Volkov suggested.
“This development could mark a turning point in the strategic adoption of blockchain technology, further integrating it into the global financial system.”
This could suggest a high degree of upside for projects focused on tokenizing financial assets in the RWA cryptocurrency sector.
BTC USD Skyrocket Is Dependent on US Equities: Is Bitcoin Just Another Tech Stock Now?
However, Volkov isn’t alone in this though process, as another analyst at YouHolder, Chief of Markets Ruslan Lienkha backs this view.
In discussing the speculative peak of Bitcoin this run, Lienkha spotlighted that BTC USD recently tested the key psychological level of $100,000 and surged above $104,000, with a potential long-term speculative price target between $110,000 and $150,000.
Yet, Lienkha also argued that any major shift-up in BTC USD price exploration is likely to be tied to the fate of US equities, with Leinkha speculating that such a move would have to see market capital drawn away from traditional stocks.
“However, sustaining prices below $100,000 would likely require significant market shifts, such as increased pessimism in equity markets, which is an improbable scenario,” Lienkha warned.
“Instead, global equity markets are experiencing a robust Christmas rally, with new all-time highs recorded in the S&P 500, Nasdaq, and Germany’s DAX index.”
Lienkha went on to explain that any downturn in equities could spook institutional Bitcoin investors.
“The ongoing equity rally is fuelled mainly by strong liquidity flows, which continue to support market valuations. We anticipate this upward momentum to persist through December, at least until the expiration of futures and options contracts on major U.S. exchanges,” added Lienkha.
“Bitcoin’s price movements, meanwhile, exhibit the strongest historical correlation with U.S. stock indices, suggesting that any downturn in equities could trigger a simultaneous correction in Bitcoin. This synchronized decline may occur early in the new year.”
