This Preferred Crypto of Billionaires Could Increase by 116% This Year

Many of the world’s richest people are bullish on Bitcoin (BTC) right now. Even though the token has been up and down lately, the whales are still holding on tightly to it.

Major investor MicroStrategy is still sticking with Bitcoin despite its volatility, as is Elon Musk, and the Winklevoss’s. Their massive Bitcoin purchases have not been liquidated simply because the crypto token has gone through a rough period near the last half of 2024.

Now, they are being proven right about holding onto their investments. Bitcoin gained 5.91% over the last week, climbing to $63,225 (BTC/USD). That massive surge can be attributed to the recent Fed interest rate cuts. Those cuts are intended to be long-lasting and then followed up by further cuts in the coming months. Bitcoin is positioned to do very well thanks to the Federal Reserve’s decision to cut interest rates.

The Bold Prediction

A Wall Street analyst recently predicted that Bitcoin would see a 116% increase from where it is now before the year is up. It is not just the crypto whales who are holding out hope for Bitcoin to do something amazing soon. If that does happen, the increase would bring Bitcoin to a price point of about $125,000 before year’s end.

Is that really possible? Well, Bitcoin already gained an incredible amount of value early on this year. It climbed from about $42K to $72K in the early months. Those gains were due to a slightly decreasing inflation rate, a slightly improving economy, and the promise of crypto ETFs to come.

There are much stronger factors at work now that are giving Bitcoin a boost. One of the strongest of those is the interest rate cut, which may not be done giving Bitcoin a hand up. On top of that, the US presidential election is drawing closer, and cryptocurrency is a hot talking point. Election conversation has taken Bitcoin higher already, and it may give it even more of a boost as the final stretch of the election hits.

In addition to those promising factors that are propping up Bitcoin, the US economy is getting even stronger. Recent data shows that unemployment is down, consumer spending is up, and inflation is dropping. We may be about to see a major upward shift for Bitcoin that puts the earlier 2024 surge to shame.