Dan Weiskopf, Portfolio Manager of Tidal Financial Group, sat down for a conversation with David Lin and discussed Bitcoin’s future outlook. The focus was on Bitcoin’s future, especially its potential to reach $100,000. The talk also touched on recent market trends, noting strong interest in Bitcoin ETFs as a possible boost for its price. Looking ahead, there’s hope that more platforms will approve Bitcoin ETFs, possibly pushing its price to $100,000.
Predictions and Volatility: The Path to New Highs
While some predict Bitcoin could go as high as $150,000 or even $1 million, Dan agrees it needs to hit $100,000 first. Dan also acknowledged Bitcoin’s volatility, saying big price drops like 50% to 70% could happen, drawing from their experience since 2017.
“We’ll go to new highs because I think in part because the ETF flows have been very strong of late. Yeah, and then I believe you’re going to have more platforms approving the spot Bitcoin ETFs in the fourth quarter, and ‘we’ll rally to 100K,” he said.
Big Investors and the Transformative Power of Bitcoin
He also discussed what’s persuading big investors to enter this cycle. He mentioned two key factors. Many argue that if you’re not invested in Bitcoin, you’re missing out, citing its strong performance over the past decade. This pressure can influence returns and client expectations.
However, he stressed a more profound reason: if you’re not embracing the transformation driven by Bitcoin and digital assets, you could face challenges. This technology has the potential to reshape industries, much like how the internet revolutionized businesses.
“A lot of people look at Bitcoin and crypto and don’t appreciate that with higher price comes more supply. We talk about 100K, I would expect more supply to come on the market as we move up, and that’s not really new news, but it’s greater demand that’s offsetting that supply,” he added.
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