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While bitcoin is consolidating in the $40,000–$42,000 zone, some crypto experts are starting to make optimistic predictions about its future.
Despite the poor start of the main cryptocurrency this year, well-known fintech head Harry Yeh predicts a $400,000 price target for BTC.
Yeh suggested a potential supercycle of crypto trends, citing recent stablecoin activity as the reason. In a message to Bloomberg Markets, the founder and managing partner of Quantum FinTech Group said that the market for cryptocurrencies, including bitcoin, although young, is still affected by stablecoin positive waves, even when the situation is volatile.
In his opinion, the current market is not like what we have seen before. He explained that stablecoins are a means for crypto payments and solve the "inefficiency" problems for both BTC and ETH.
Yeh believes that what we have now is somewhat similar to the market rally of 2017, with the only difference being that now stablecoins are also in the game.
"Back then there was no stablecoins, unlike now," Yeh stresses, describing the current situation as a "supercycle mainstream adoption" of promising stablecoins.
Harry Yeh has obviously been following market trends very closely since the beginning of the year. Despite a bad start for bitcoin, he remains confident in his ability to maintain a positive momentum throughout the year, predicting a price target of $400k for BTC.
In the meantime, while Bitcoin is consolidating near the strong border of $40,000, large players are using this time to make investments in the crypto industry.
Venture capital fund Andreessen Horowitz, with almost $30 billion in assets under management, plans to raise up to $4.5 billion for a new group of crypto funds with the aim of doubling the amount previously raised.
Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley. The company has announced to its investors that it plans to raise up to $3.5 billion for another cryptocurrency fund in addition to its original investment fund. The second fund will be used for investments in crypto start-ups and projects that are looking for investments for initial development.
In general, the fund's interest in digital assets and blockchain technology is a signal to retail traders and investors regarding the investment potential of this market. It still hasn't been fully implemented even after over 100% growth in 2021.
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