Presto govt Peter Chung has reaffirmed the bullish stance of his firm on Bitcoin worth. Chung, in a current CNBC interview, stated that they didn’t alter their market view.
The worth forecast comes as Chung known as a “healthy correction” within the crypto market. He urged that the current pullback has “paved the way for the further rewriting of Bitcoin as a mainstream asset.” His indication is that the short-term setback might strengthen Bitcoin’s positioning within the monetary ecosystem.
Peter Chung maintains his Bitcoin worth goal
Chung maintained a Bitcoin worth goal of $210,000 for 2025 regardless of current market volatility. “So Bitcoin target price remains $210,000 and driven by institutional adoption and global liquidity expansion,” Chung acknowledged within the interview.
He supplied insights into Bitcoin’s market conduct and described it as having “two faces.” These are functioning as each digital gold and a risk-on asset relying on market situations. Chung clarified that Bitcoin usually acts as a risk-on asset below common market instances. This is as a result of its worth is sourced from “user adoption and network effect, very much like an internet company.”
But Chung famous that Bitcoin shows gold-like traits below sure disaster conditions, particularly “when the market has concerns regarding the stability of the US dollar-dominated financial system.” He cited a number of historic examples the place this sample emerged. This consists of the Russian invasion of Ukraine in early 2022, the Silicon Valley Bank collapse in early 2023, and most not too long ago, within the aftermath of the “Liberation Day” tariff bulletins.
“It was during a crisis that the Bitcoin behaves like gold because it’s designed after the physical gold in terms of digital scarcity and so forth,” Chung acknowledged. This twin nature helps clarify Bitcoin’s current worth motion throughout April’s market volatility, in keeping with Chung. “Bitcoin is just doing what it does, which is sometimes it acts like a risk-on asset most of the time. But during the crisis, it acts like gold. And that’s what we saw in the month of April.”
Chung views the market correction as wholesome
While acknowledging that macro occasions haven’t occurred as anticipated, Chung talked about the current market pullback as finally useful for Bitcoin’s long-term prospects. “In hindsight, I think it was actually a healthy correction, which have paved the way for the further rewriting of the Bitcoin as a mainstream asset,” he acknowledged through the interview.
This perspective means that Presto’s evaluation views short-term worth declines as alternatives for market members to reassess Bitcoin’s basic worth proposition and position inside funding portfolios. Chung talked about that his crew has been centered on deciding whether or not the current volatility revealed any structural points in crypto markets.
The feedback from Chung come as MicroStrategy has bagged 15,355 Bitcoin for $1.42 billion. These acquisitions from massive corporations can assist drive the worth of Bitcoin greater in the long run.
As per the newest information, the Bitcoin price is buying and selling at $93,000 at press time.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with almost 7 years of expertise within the cryptocurrency business. He has contributed to quite a few publications, together with WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.
