Duong Expects Bitcoin Price to Soar Past $100K Before Year-End
Bitcoin's price has surged to $77,129.12, up 22.8% over the past week, with some analysts predicting it will reach six figures by year-end.
David Duong, former Coinbase Head of Institutional Research, expects Bitcoin to cross $100,000 before December, a target that was previously out of sight.
According to Duong, the shift in investor base from retail-driven to exchange-traded fund (ETF) flows has contributed to this optimistic outlook. ETFs offer lower costs and reduced custody concerns, making them an attractive option for investors.
Duong also highlighted the potential impact of the Clarity Act on Bitcoin's price. With a 20% probability of passage, he believes that a surprise approval could act as a significant positive catalyst, while a failure to pass would have limited market implications.