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Bitcoin’s Boring Moves Are ‘Actually Quite Healthy,’ Says Analyst Eyeing $275,000 Target

Cryptocurrency analyst Matt Crosby said on Wednesday that even a modest allocation of global capital could lift Bitcoin (CRYPTO: BTC) toward $275,000.

The Road to $275,000

In an interview with Bitcoin Magazine, Crosby argued that Bitcoin’s relatively small market size could amplify incoming capital and trigger a massive surge in the asset’s price.

“It really only takes a couple percentage rotation from assets like gold, from real estate markets, from bond markets to see this exponential increase in the Bitcoin price action,” he added.

Crosby went on to say that 1% of global capital—the lower end of what big allocators like BlackRock are advocating—into Bitcoin could produce a price near $275,000.

‘Boring’ Is ‘Healthy,’ Says Crosby

BlackRock, the world’s largest asset manager, suggested 1-2% as the "reasonable range" of Bitcoin allocation in multi-asset portfolios. However, exceeding the 2% threshold could disproportionately increase the portfolio’s risk, the firm said.

Crosby acknowledged that Bitcoin’s price action is “boring” currently, but added that such a period of sideways price action is “quite healthy” as it “resets” investor expectations

Upside Breakout When?

The remarks come as institutional investors continue to explore Bitcoin-linked financial products beyond traditional spot-market buying.

Jeff Walton, chief risk officer at Strive (NASDAQ:ASST), said credit markets could provide Bitcoin’s next trillion dollars of capital.

Walton expected rising demand from Bitcoin treasury firms, spot exchange-traded funds and credit investors to intensify competition for Bitcoin’s limited supply.

On-chain analytics firm Glassnode said that the $80,000 to $81,500 range remains critical support, while the key resistance sits at $85,000 to $87,500.

Price Action: As of this writing, BTC is up 2.67% in the last 24 hours to $2,739, according to Benzinga Pro. 

Photo Courtesy: Phongphan via Shutterstock.com

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