A crypto analyst with a significant following is making a bold prediction about the future price of Bitcoin (BTC). The anonymous host of the popular InvestAnswers YouTube channel believes that Bitcoin could reach a six-figure price in the coming months, driven by increased demand following the approval of spot Bitcoin exchange-traded funds (ETFs).

According to the InvestAnswers host, institutional investors have so far only made a small allocation to the ETFs, but that is about to change. Once the big money starts allocating, even just 1% of their assets under management, the price of Bitcoin could easily surpass $200,000 to $250,000.

Currently, Bitcoin is trading at $65,300.

The InvestAnswers host also predicts that Bitcoin is on the verge of experiencing a significant reduction in supply. This, coupled with the possibility of a supply crunch where few people are willing to sell, could lead to a surge in prices. Although there will always be some early Bitcoin buyers looking to cash out, their selling will not be enough to satisfy the appetite of the institutional investors entering the market.

The conservative price target set by the InvestAnswers host has been adjusted from $150,000 to $170,000 for this bull run, assuming the ETF consumption continues. However, if a supply crunch occurs, the price could surge even higher.

The InvestAnswers host also notes that the timeline for Bitcoin reaching new all-time highs after a halving event may be shorter this time around. Instead of the typical 18 months, it could happen as early as the summer of 2025.

It’s important to note that these predictions are based on the analysis and opinions of the InvestAnswers host and should not be taken as investment advice. Investors are advised to do their own research and exercise caution when making high-risk investments in Bitcoin or any other cryptocurrency.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research and be aware of the risks involved in investing in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. The Daily Hodl may participate in affiliate marketing.