Investor sentiment around Bitcoin has received a significant boost following a bold prediction from well-known investor Mike Alfred, who forecasts that the price of the cryptocurrency could soar to $315,000. This optimistic outlook comes on the heels of new disclosures revealing that Harvard University has substantially increased its Bitcoin holdings, potentially surpassing its investments in gold.
Alfred, a seasoned technology investor and early proponent of Bitcoin, took to social media platform X to vocalize his bullish stance. He indicated that the recent upward trend in Bitcoin’s price signals the onset of a new bull market, stating, “The bull market is just starting… I am bullish. I have longs on.” He emphasized that prior to this rally, Bitcoin had not been in a bull market since 2021 and now appears to be entering what he termed a “stage 1 uptrend.” Alfred further claimed that he had invested in multiple long positions and expressed confidence that new lows would not be reached in this cycle. He cautioned against bearish forecasts circulating online, describing them as “bear porn” that could mislead skeptics and lead them to financial losses.
In tandem with Alfred’s predictions, Harvard University’s latest portfolio review shows a dramatic increase in its Bitcoin investments, escalating from $117 million to $443 million in the third quarter. In comparison, the university also enhanced its holdings in gold ETFs, from $102 million to $235 million. Matt Hougan, Chief Investment Officer at Bitwise, noted the significance of Harvard’s decision to allocate more to Bitcoin than to gold, highlighting it as a strategic move against potential currency debasement risks.
This alignment of bullish sentiment from both Alfred and Harvard comes alongside a wave of positive projections from other market figures. Notably, in November, Alfred predicted Bitcoin would reach $200,000, marking a $100,000 increase in his forecast within just a month. Tom Lee from Fundstrat has also chimed in, claiming that Bitcoin could touch $250,000 “within a few months,” while suggesting that Ethereum might reach an astonishing $62,000. Charles Hoskinson, the founder of Cardano, stated earlier this year that Bitcoin could reach $250,000 next year, attributing projected growth to increasing institutional uptake.
Despite this optimism, some analysts express caution, suggesting that Bitcoin may be on the brink of a consolidation phase. Victor Olanrewaju from CCN highlighted that recent on-chain data indicates Bitcoin has dipped below the 111-day moving average, a key level monitored by the Pi Cycle Top indicator. He noted that this trend implies weakening momentum and could foresee an impending price correction, potentially pushing Bitcoin below $85,000 in the short term. Olanrewaju does believe that renewed demand could shift the price upward towards the 111-day moving average around $108,372.
Additionally, analyst Valdrin Tahiri from CCN warned of the possibility of further declines for Bitcoin based on historical patterns, indicating that a sharper downturn could occur before the market finds a bottom. These mixed signals illustrate the ongoing volatility and uncertainty that continue to shape the cryptocurrency landscape.
