Peter Chung, head of research at Presto, told CNBC's "Squawk Box Asia" that the quantitative trading firm's Bitcoin price target for 2025 remains unchanged at $210,000.
This, according to Chung, will be possible due to strong institutional demand as well as the expansion of global liquidity.
Earlier today, the Bitcoin price reclaimed the $95,000 level after recording the biggest exchange-traded fund (ETF) inflows of the year last week.
As reported by U.Today, Bitwise CEO Hunter Horsley opined that Bitcoin's recent recovery has been driven primarily by institutional investors, while retail investors are seemingly sitting on the sidelines.
Chung has described the most recent correction as healthy, adding that Bitcoin was acting like gold during extreme market turbulence caused by tariff-induced macroeconomic uncertainty.
In its December report, Presto predicted that the ETH/BTC ratio would rebound to 0.05. However, the leading altcoin has lost a lot of ground against Bitcoin, with the ratio now declining to just 0.019. Chung, however, continues to stand by his prediction, citing community efforts to solve the value leakage issue.
In December, Presco also predicted that the price of Solana could surge to $1,000. It also forecast that an S&P 500 company would adopt Bitcoin as a treasury reserve asset. Both of these predictions seem to be unlikely to materialize this year.
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