Expert: Bitcoin Price Forecast of $120,000 Is Too Low

According to data from CoinMarketCap , the price of Bitcoin has increased by 6.5% over the past 24 hours, reaching $103,750. As of noon on May 9, the world's largest cryptocurrency was trading around $102,680. This is also the third time in history that the price of Bitcoin has surpassed the $100,000 mark.

This is the third time in history that Bitcoin price has surpassed the $100,000 mark (Photo: Finance Monthly).

Bitcoin's growth came after US President Donald Trump revealed information about trade cooperation between the US and the UK. Besides Bitcoin, the entire cryptocurrency market also benefited from the positive news.

Statistics from Alternative ’s cryptocurrency sentiment tracker show that the Fear and Greed Index rose to 73 points on May 9. Last month, the index fluctuated between 18 and 25.

This is also the highest level that this index has reached in the past 3 months. This shows that the sentiment of investors in the cryptocurrency market has become more positive after a long period of market decline.

“Not only has Bitcoin reclaimed the $100,000 mark after three months, this growth has also helped Bitcoin affirm its position as a resilient asset as the outlook for US trade deals brightens,” said Antoni Trenchev, co-founder of cryptocurrency exchange Nexo.

However, the expert also said that Bitcoin is not completely out of the woods yet. The cryptocurrency will need to surpass the high of $ 109,350 reached in January.

Earlier, an analyst from Standard Chartered predicted that Bitcoin would reach $120,000 in the second quarter. Now, this person has suddenly changed his mind and said that the price he gave was "too low".

“I apologize that the $120,000 target for Q2 was too low,” said Geoffrey Kendrick, head of digital assets at Standard Chartered.

Bitcoin has been seen as a scarce digital asset and a store of value (Photo: CryptoNews).

Over the past three weeks, $5.3 billion has been poured into Bitcoin exchange-traded funds (ETFs) — a sign that institutional investors are increasingly interested in the asset class.

In a report published last month, Grayscale emphasized that Bitcoin has been viewed as a scarce digital asset and a store of value.

The company said that in an environment where prices are soaring and economic growth is sluggish, investors will look for ways to preserve value, and Bitcoin, with its limited supply and decentralized nature, will become an attractive option.

Source: https://dantri.com.vn/cong-nghe/chuyen-gia-du-bao-gia-bitcoin-dat-120000-usd-la-qua-thap-20250509105318114.htm