Bitcoin’s Price Under Pressure
Bitcoin’s price has been under pressure in recent weeks due to U.S. President Donald Trump’s newly announced tariffs, but analysts remain confident in their long-term bullish outlook.
Despite today’s market decline, some experts predict that BTC will rise to new highs before the end of the year.
Price Target Confirmation
Bitwise’s Head of Research Ryan Rasmussen has confirmed the firm’s $200,000 year-end price target for Bitcoin, saying the recent market turbulence is merely a temporary setback.
“Once the market recovers from this ‘Independence Day’ chaos, we will finally start to see the market pull back to the upside,” Rasmussen said. “We like to use the analogy that good news is dry powder stored for when this volatility and uncertainty eventually subsides.”
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Correlation with Tech Sector
Bitcoin’s correlation with the tech sector has strengthened in recent years, particularly as gold has reached record highs. But Rasmussen encouraged investors to take a broader view, noting that Bitcoin has outperformed gold, the S&P 500 and the Nasdaq since Nov. 5.
“We’ve had a great snowball of news over the last few months,” Rasmussen said, referring to the White House’s decision to create a Bitcoin reserve, regulatory changes and the increased involvement of sovereign wealth funds. “This market would have been at $150,000 by now if it weren’t for the fear of impending tariffs.”
Rasmussen also noted that some of these tariffs could be rolled back and that he expects the Fed to cut rates later this year despite the current economic uncertainties surrounding trade and immigration policy.
This is not investment advice.