Peter Chung, head of research at quantitative trading firm Presto, has repeated his prediction that Bitcoin (
In an April 28
The analyst acknowledged that market conditions this year haven’t been as expected, specifically the challenging macroeconomic environment and market reaction.
However, he described the recent corrections as a “healthy” adjustment, suggesting they have laid a stronger foundation for Bitcoin’s progression toward becoming a mainstream financial asset.
“In hindsight, I think it was actually a healthy correction which has paved the way for the further re-rating of Bitcoin as a mainstream asset,” he said.
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Chung also discussed Bitcoin’s dual nature, describing it as both a “risk-on asset” and “digital gold.”
He said that Bitcoin typically behaves like a high-risk asset driven by user adoption and network effects.
However, during periods of financial instability, such as the 2022 outbreak of the Russia-Ukraine conflict or the 2023 Silicon Valley Bank collapse, Bitcoin tends to act as a safe-haven asset, similar to gold.
“These moments are rare,” Chung explained, “[They] only happened when the market has doubts about the stability of the US dollar-dominated financial system.”
While Bitcoin has lagged behind gold during recent market turbulence, Chung suggested BTC could “catch up” and potentially outperform traditional safe-haven assets by year’s end.
Chung also reaffirmed Presto’s target for Ether (
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Echoing Chung’s view, Bitwise CEO Hunter Horsley said in a recent post on X that Bitcoin’s surge to $94,000 has occurred with minimal retail participation, noting that Google searches for “Bitcoin” remain near long-term lows.
According to Horsley, the current rally is being
“The types of investors buying Bitcoin is expanding,” Horsley said.
Corporate Bitcoin treasuries already hold nearly $65 billion worth of BTC, according to
On April 22, analysts from Standard Chartered and Intellectia AI said institutional Bitcoin demand from exchange-traded funds and traders seeking to hedge against macroeconomic risk could cause
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