Bitcoin Price Surges as Analyst Sees Six-Figure Territory by Year-End

Bitcoin's price has surged by 22.8% in the past week to reach $77,129.12, according to recent data.

David Duong, former Coinbase Head of Institutional Research, now expects the token to surpass $100,000 before year-end, a prediction that is significantly higher than his previous forecast of consolidation around $85,000 to $90,000.

Duong attributes this shift in his outlook to a structural change in the investor base, with exchange-traded fund flows becoming more prominent due to lower costs and reduced custody concerns following a recent security incident.

He also points out that these flows can outweigh traditional interest rate narratives for extended periods, and expects this dynamic to strengthen heading into Q4.