“JP Morgan believes that Bitcoin’s worth $165,000 by the end of the year.” – 01:26
Ray Salmond, Head of Markets at Cointelegraph, joins Remy Blaire who provides insights into Bitcoin’s impressive momentum as October begins. Ray notes that the recent price action has exceeded analysts’ expectations, with many anticipating significant gains for Bitcoin this month. He highlights various price predictions from major financial institutions, including JP Morgan’s estimate of $165,000 by year-end and Citibank’s valuation of $133,000. With some estimates even reaching the $200,000 mark, the discussion turns to the factors driving this bullish sentiment, such as capital inflows and corporate adoption.
The conversation shifts to the theme of institutional adoption in the cryptocurrency space, particularly looking ahead to 2025. Ray emphasizes the growing interest in Solana as a leading platform for stablecoin product development and mass adoption, alongside the ongoing treasury building in Ethereum and Bitcoin ETFs. He expresses confidence that the trend of mass adoption will continue to gain momentum.
As the segment progresses, Remy and Ray turn their attention to Ethereum, which is currently trading just above the $4,600 level. Ray explains how the recent billion-dollar inflows into Bitcoin have had a positive knock-on effect on Ethereum, resulting in significant capital inflows into the altcoin as well. He discusses the market dynamics, noting that while Bitcoin’s surges can temporarily divert attention from altcoins, they also create opportunities for a catch-up trade once Bitcoin consolidates.