Bitcoin Bulls Eye $400,000 as Institutional Demand Surges

Bitcoin traders are bullish on the cryptocurrency's price prospects, with some predicting a surge to $400,000. The recent all-time high above $107,000 and on-chain factors have led analysts to forecast a bull peak around $150,000. However, massive demand from institutional players and governments has fueled a much higher sentiment for the future.

Alex Becker, a crypto trader, opined that a $150,000 price target for this bull cycle is too low, given the level of institutional interest. He argued that Bitcoin's price could easily surpass this level, as it is a harder asset to hold, manage, access, and store compared to gold. Bitcoin's supply and scarcity also make it a more valuable asset than gold, according to market participants.

Becker expects a target between $250,000 and $400,000, stating that a market cap that is 1/6th that of gold is too low. He believes that the current environment supports a higher price target for Bitcoin, as funds and corporations are using it to store value.

Bitcoin's price surge has also fueled optimism for a higher target, with altcoin whales preparing for a massive shift to their favorite assets. Several investors anticipate an altcoin season after Bitcoin hits its cycle peak. At the moment, several altcoins like XRP and Cardano have shown signs of huge inflows, while Ethereum whales have picked up huge holdings alongside transfers out of centralized exchanges.