Peter Chung, President of Presto Research, has updated his Bitcoin price forecasts, setting a target level at $210,000 despite market fluctuations.
Bitcoin Target Price
Chung stated that Bitcoin can function as both digital gold and a risky asset under normal market conditions. The target price of $210,000 is based on the impacts of institutional acceptance and the increase in global liquidity.
> Peter Chung: “We have set the Bitcoin target price at $210,000, supported by institutional acceptance and global liquidity growth.”
Market Fluctuations Analysis
Chung described the recent market downturn as a healthy correction rather than a temporary setback. He suggested that this situation could reinforce Bitcoin's status as a mainstream asset.
> Peter Chung: “Looking back, it is observed that this difference represents a healthy correction and has enabled Bitcoin’s repositioning as a mainstream asset.”
Impact of Institutional Investments
The assessment suggests that recent market fluctuations could contribute positively to Bitcoin's long-term outlook. Chung and his team are examining whether these fluctuations relate to the structural features of the crypto markets. Large-scale institutional purchases are believed to have a long-term impact on Bitcoin's price, particularly with the rapid growth of ETFs and the shrinking supply available on exchanges.
Chung's statements highlight the need to evaluate Bitcoin in the context of its technological structure and global liquidity dynamics. For investors, short-term fluctuations may present opportunities to reassess long-term strategies.
