Bitcoin bulls are back with a vengeance and they’re making extreme claims. |Image source: CCN
Main points
Morgan Stanley’s filing for a Bitcoin and Solana ETF marks a major step by a major U.S. bank into the cryptocurrency market.
Prominent Bitcoin advocates are doubling down on positive upside predictions.
Despite growing optimism, skeptics warn that Bitcoin could face a sharp mean reversion.
Bullish predictions for Bitcoin are growing as Morgan Stanley moves deeper into the digital asset space, filing to launch a cryptocurrency exchange-traded fund (ETF) at a time when investor inflows into U.S. spot BTC ETFs accelerate.
The Wall Street bank’s move adds to already bullish price predictions from prominent investors, including noted bull Mike Alfred, who this week predicted the stock could climb to $315,000.
Morgan Stanley has applied to U.S. regulators to launch exchange-traded funds linked to Bitcoin and Solana (SOL), according to regulatory filings reported by Reuters, marking the first major push by a major U.S. bank into crypto ETFs.
The documents highlight a broader shift toward digital assets by traditional financial institutions.
Morgan Stanley expanded cryptocurrency access to all clients in October, while Bank of America said its wealth advisors will be able to recommend cryptocurrency allocations starting in January.
Regulatory developments can also help accelerate adoption.
In December last year, the U.S. Office of the Comptroller of the Currency approved U.S. banks to act as intermediaries for cryptocurrency transactions.
Against this backdrop, long-term Bitcoin investor Mike Alfred said Bitcoin could surge to $315,000, adding to a series of increasingly aggressive predictions.
In a recent post by
Mike Alfred Still Bullish on Bitcoin | Source: X
Alfred’s latest comments came on Christmas Day, and he went a step further than usual, pledging to sell all of his Bitcoin holdings and delete his X account if BTC failed to reach $1 million by December 31, 2033.
Alfred wrote at the time: “You only live once and I think it’s important to take a stand, believe in something and mean what you say.”
Days later, he reiterated his optimism that much of the recent selling pressure was over.
He said in a Dec. 27 post that the “worst” traders he knows have switched from Bitcoin to silver.
Alfred’s views echo broader bullish predictions for Bitcoin from prominent figures in the cryptocurrency and investing world.
Fundstrat’s Tom Lee has repeatedly said that Bitcoin could rise above $200,000 in the long term, citing loose financial conditions and growing institutional demand.
Strategy Executive Chairman Michael Saylor has long believed that the price of Bitcoin could eventually exceed $1 million.
Meanwhile, Pixelmatic CEO Samson Mow also backed a seven-figure valuation.
“Since getting into Bitcoin, I have always found that everything always happens faster than I expected,” Mow wrote in an X post in March, adding that his model suggested BTC would hit $1 million by 2031.
However, not everyone is optimistic about the prospects.
Bloomberg Intelligence analyst Mike McGlone warned that Bitcoin could fall back to $10,000, arguing that many of the forces that drove its past gains are already in play.
“I admire and respect Michael Thaler,” McGlone said, referring to the strategic chairman, whose company is one of the largest corporate buyers of Bitcoin.
McGlone also believes that the rapid growth of the broader cryptocurrency market has weakened Bitcoin’s scarcity narrative.
“In 2009, there were zero cryptocurrencies. Now there are about 28 million cryptocurrencies listed,” he said, adding that he expected Bitcoin to “get back to the $10,000 level.”
CCN analyst Victor Olanrewaju believes that Bitcoin’s recent price trend is mixed.
“Bitcoin’s price recently broke above the upper trendline of the symmetrical triangle on the daily chart,” Olanrewaju said, marking “a clear shift from last week’s technical setup.”
This breakout was accompanied by a move above major resistance levels.
“Following this move, prices broke through the key resistance level at $91,483,” he said, noting that the rally occurred amid rising buying pressure.
He said that if the current momentum continues, Bitcoin may continue to move higher in the short term.
“…Bitcoin could rise to $98,139 soon,” he added, “and the price could even reach $103,518 in a highly bullish cryptocurrency market.”
However, Olanrewaju warned that the breakout must be maintained to avoid a pullback.
“Failure to sustain this breakthrough could lead to a reversal,” he said. “In this bearish scenario, Bitcoin could fall back below the $85,000 support area.”
At the time of this report, Bitcoin was trading at around $90,097, down more than 2% in the past 24 hours.
