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Highlights
- Bill Barhydt said base case scenario for Bitcoin is $350,000
- He hinted at plans for interest rate cuts as one of the key catalysts for growth
- The Abra CEO also tipped Ethereum price to hit $8,000 this year
Bill Barhydt, CEO of Abra Global, has shared his thoughts on the future price of Bitcoin and top altcoins in a recent X post. Just like many other analysts, Barhydt projected Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP to reach a new height this year.
His prediction is based on the hope of how the U.S. government handles monetary policies and lower interest rates. He noted this will automatically push more cash into the economy. These factors are expected to boost the crypto market to new highs.
Projection for Bitcoin (BTC) and Ethereum
According to Barhydt on X, the base case for Bitcoin, trading at about $96,500, is expected to increase, possibly to $350,000. Likewise, the Abra CEO tipped Ethereum to hit a new high of $8,000. His forecast is not based on speculation.
This comes as the U.S government and the Bank of England intensify interest rate policies, which would inevitably put more money into the economy. Notably, lower interest rates make borrowing cheaper, potentially pushing more funds into circulation.
Traditionally, this makes more people increase their investment portfolio, including Bitcoin and altcoins. On top of that, the U.S. government has debts worth trillions of dollars. It might use monetary policy such as Quantitative Easing (QE) or other financial assets to manage this.
Barhydt hinted this could increase the liquidity in the market, and traders would react by buying more Bitcoin.
Where is Solana and SUI Heading?
Bitcoin and Ethereum are not the only digital currencies to benefit from the impact of quantitative easing. He predicted that Solana could hit $900. This projection is even more ambitious than the projected $520 SOL price target from VanEck recently.
The Abra Global CEO also hinted that SUI might climb to $25 this year drawing on its correlation with Bitcoin. Beyond the correlation, Solana and SUI also have their strengths, like fast transactions and growing adoption in decentralized finance (DeFi) and gaming.
According to him, these projections come with a high-end range of approximately 200% from these values. His timeline is even more ambitious
Key Growth Catalysts: Bitcoin ETF and Tax Cuts
Spot Bitcoin ETF products are a significant catalyst that might help push BTC price to this high. Bitcoin ETFs’ approval has already started bringing big institutional money into crypto.
As reported earlier by CoinGape, the market injected $755 million into BTC ETF on US CPI data release last month. This shows monetary policies and inflationary pressures can trigger capital inflow into the market.
To Barhydt, the plans for tax cuts by the Trump administration may also complement the liquidity boost. He calls this trend the “Cyclical Valhalla,” where those with brass balls will get rewarded accordingly.
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