Bitcoin Boom Incoming? Crypto Users Predict 80% Rise By Year's End

Amid the concerns about digital currency across the globe, Bitcoin rallied towards its USD 73, 000 resistance zone fueled by exchange-traded fund (ETF) inflows. However, some experts warn of a potential pullback. AMBCrypto's latest report predicts an impressive 80 per cent growth for Bitcoin by year-end. 

Despite recent sell-offs and outflows from Bitcoin ETFs in early May, a majority (67.3 per cent) of respondents are optimistic about Bitcoin’s price. Only a small minority (9 per cent) believe a significant drop (of around 50 per cent) can be expected, it stated while talking about Bitcoin’s December 2024 forecast.

To see if Bitcoin’s price can really hike by 80 per cent, AMBCrypto looked into the on-chain metrics. It found that addresses with nonzero balances hit an all-time high. These are unique holders with a significant amount of Bitcoin in their portfolios. 

This metric revealed that Bitcoin’s long-term network adoption is at its highest point in history too. “This will translate into a price hike in the coming months,” the report added. 

Meanwhile, after 19 April, exchange inflows have fallen by a greater margin. The metric reached its lowest level in a year on 5 May. Investors are moving their Bitcoin exchanges into personal wallets. This simply indicates bullish sentiment, according to the report.

More than half of the sampled traders (51.3 per cent) believe options on spot Bitcoin ETFs will be available soon, potentially within a year. This development could unlock new opportunities for investors. "Thus, helping the price in a positive way," the report mentioned.

According to the survey, the factor that is most likely to influence Bitcoin’s price trajectory in the next month is institutional investment (BTC ETF flows). This was chosen by 61.2 per cent of the respondents, over other factors like geopolitical issues, inflation and regulatory changes.