Bitcoin Analyst Who Nailed 2023 Reaffirms $125,000 Price Call for 2024

A six-figure sum per Bitcoin is still in the cards for 2024, according to Fundstrat’s Head of Digital Asset Strategy Sean Farrell. After Farrell nailed his $44,000 price call in 2023, Coinage is highlighting his new research in an exclusive for our members.

Considering Bitcoin already notched a new all-time high this year, Farrell said in a Wednesday Coinage interview that his thesis for Bitcoin to hit $125,000 is playing out almost exactly as expected. With billions in inflows via Bitcoin ETFs and now Bitcoin mining rewards being cut in half, the back half of the year is shaping up nicely as the broader market continue to clue in on Bitcoin's momentum.

"I mean, there are people with very large brokerage accounts that are just learning about the having," Farrell said. "I think it's really the information asymmetry and the fact that, you know, the narrative behind the halving can really pour gasoline on what is already a fiery macro environment."

Overall, however, Farrell's call for Bitcoin to hit $125,000 began this year with an outlook for interest rates to begin falling. The Federal Reserve’s fight against inflation dented digital asset prices especially hard in 2022 and 2023, Farrell said, as higher interest rates made so-called risk assets less attractive. As traders pencil in potential rate cuts from the U.S. central bank as soon as this summer, Farrell predicts a return in liquidity will likely buoy Bitcoin’s price.

"Our bullish thesis was anchored in the liquidity environment in 2024 continuing to be palatable for liquidity sensitive assets," Farrell said. "Right now the Fed, even though we've had three consecutive hot inflation prints, the burden of proof for the Fed is still on the hawks to prove that inflation is resurging as opposed to the doves to prove that inflation is falling. And so really the important thing is that the next move for the Fed is still a cut."

That could also prove quite helpful for Bitcoin miners who have started the year lagging behind Bitcoin's price surge. Farrell had predicted earlier this April that it might be a good time to start looking at mining stocks as the trend reverses with transaction fees growing amidst the surge in Ordinals and Runes trading on the Bitcoin blockchain.

Coinage members can watch our full interview with Sean Farrell above, or unlock Fundstrat’s full digital asset outlook for 2024 and an exclusive discounted offer by minting a Membership Pass and joining our community. Join us in our Discord!