Cardano Founder Predicts Bitcoin to Reach $250,000 by 2024

Cardano founder Charles Hoskinson has expressed a bullish outlook on Bitcoin, predicting that the cryptocurrency could reach $250,000 by the end of this year or next. This optimistic projection is based on several factors, including the potential entry of major tech firms into the crypto space, which Hoskinson believes could significantly boost Bitcoin's value.

In an interview, Hoskinson stated that recent market turbulence, triggered by macro uncertainty, would soon stabilize. He anticipates that Federal Reserve activity will become the primary market influencer, with lower interest rates leading to an influx of fast, cheap money into the crypto market. Hoskinson also forecasted that upcoming stablecoin regulation would allow even top global firms to accept them. Besides, he noted that the global conflicts will push more countries to adopt crypto for international settlements.

Hoskinson's optimism is not isolated; it echoes sentiments from other industry figures. He believes that the entry of major tech firms into the cryptocurrency economy will drive innovation and utility, moving Bitcoin beyond mere speculation. This shift could benefit utility-centric tokens, providing them with much-needed breathing room in the market.

Hoskinson's predictions are based on the potential for stablecoin adoption by major tech firms, which could act as a catalyst for Bitcoin's growth. He also highlights the importance of regulatory clarity and global market shifts in achieving this price target. While Hoskinson's forecast is ambitious, it reflects a growing consensus among industry experts that Bitcoin has the potential to reach new heights in the coming years.

However, despite the bullish outlook, the current state of the Bitcoin network shows signs of weakness. Network activity has declined by 22%, signaling reduced demand in the first quarter. This drop in activity, from 101,000 users to 78,000, underscores a decrease in network interest and engagement from market players. For Hoskinson’s projection to be validated, network activity should increase to indicate a surge in demand.

In the short term, Bitcoin could fluctuate near $80,000 amid declining network growth. The crypto market is expected to stall for the next three to five months, with a huge wave of speculative interest likely to enter the markets in August or September. This speculative interest could carry through for another six to 12 months, potentially driving Bitcoin's price to new heights.

Hoskinson's projection aligns with the Mayer Multiple valuation model, which suggests that if Bitcoin rallies above $87,000, it could hit $208,000. Additionally, the Pi Cycle top indicator shows that there is still more growth for Bitcoin before it tops out this cycle. The 350-Daily Moving Average is valued above $150,000, suggesting that Bitcoin could surge above it before topping out.