Bitcoin Could Hit $210K by 2025, Claims Presto’s Peter Chung
Peter Chung, head of research at quantitative trading firm Presto, reaffirmed his bullish prediction: Bitcoin can hit $210,000 in the year-end of 2025.
Talking to CNBC on April 28, Chung named growing institutional adoption and growing global liquidity as significant catalysts of Bitcoin’s upsurge.
Market Corrections Strengthen Bitcoin’s Foundation
Chung noted that 2024’s macro environment has proven difficult, with Bitcoin not performing as well as it had done before.
However, he reaffirmed that recent corrections were “healthy,” cementing Bitcoin’s position as it transitions to a mainstream financial asset.
“In hindsight, I think it was actually a healthy correction which has laid the groundwork for the continued re-rating of Bitcoin as a mainstream asset,” Chung said.
Bitcoin’s Dual Role: Risk Asset and Digital Gold
Chung underlined the dual nature of Bitcoin, acting as a “risk-on asset” during expansion and as “digital gold” during times of uncertainty.
He referred to examples like the 2022 Russia-Ukraine war and the 2023 Silicon Valley Bank collapse, when Bitcoin showed safe-haven characteristics.
“These are not typical episodes,” Chung said. “[They] only happen when the market doubts the stability of the US dollar-dominated financial system.”
He believes Bitcoin, which has lagged behind physical gold in recent history, can bridge the gap and beat gold by the end of the year.
Institutional Adoption Fuels Bitcoin Rally
Chung’s forecast is in sync with other market indicators. Bitwise CEO Hunter Horsley said that Bitcoin’s rally to $94,000 has happened without much retail participation.
Instead, states, corporations, and financial institutions are fueling the rally.
Corporate Bitcoin treasuries currently hold almost $65 billion in BTC, as per BitcoinTreasuries.NET.
Additionally, Standard Chartered and Intellectia AI analysts also predict that institutional demand for ETFs could double the price of Bitcoin this year.
Chung also had confidence in Ethereum, maintaining Presto’s valuation model for Ether on the ETH-to-BTC ratio, citing continued improvements in the Ethereum network.
