Bitcoin Price Forecasted to Surpass $100K Amid Shifting Investor Dynamics

David Duong, former Coinbase Head of Institutional Research, expects Bitcoin to cross $100,000 by year-end. Speaking on the Milk Road Show, he said his previous forecast of consolidation around the $85,000 to $90,000 range has been revised due to a closer look at the macro environment.

Duong attributed the shift in investor base from retail-driven to exchange-traded fund flows, citing lower costs and reduced custody concerns. He believes these flows can outweigh traditional interest rate narratives for extended periods, which he expects to strengthen heading into Q4.

While the Clarity Act's Senate procedural vote on September 15 has been raised as a potential catalyst, Duong described the setup as 'one-sided,' with the market pricing roughly 20% odds of passage. He emphasized that regulatory progress does not solely depend on the bill, pointing to ongoing rulemaking efforts at both the CFTC and SEC.

Duong also highlighted the importance of technical confirmation, stating that a sustained move above the recent range highs ($65,000 to $70,000) on stronger trading volume would serve as a new trading regime. He stressed that his timing view is driven more by capital flows and macro conditions than any fixed event.