Yahoo Finance

• Bitcoin hit a new high and saw a rapid drop back down in volatile trading last week.

• The narrative on bitcoin is still bullish, though commentators see more volatility ahead.

• Bernstein analysts wrote this week that the rally firms up their view that bitcoin is on track to hit $150,000 by mid-2025.

The world's largest cryptocurrency soared to a record high of $73,000 on Wednesday, fueled by retail investors' appetite for the token in the form of the nearly dozen spot ETFs that have been trading since their January 11 approval by regulators.

But within two days of notching the record, the coin plummeted back to around $68,000, struggling as of Friday to reclaim levels reached midweek.

With the bitcoin halving event around the corner and the demand from ETFs looking strong, crypto market experts say the narrative remains bullish, even as volatility threatens gains in the short term.

Here's what some of the market's top commentators have said about the outlook for the world's most popular cryptocurrency.

Kris Marszalek — CEO, Crypto.com

For jittery investors reeling from the token's sudden plunge in the 24 hours after notching record highs last Wednesday, Crypto.com's CEO Kris Marszalek offered a reassuring anecdote: volatility is actually low compared to the previous cycles.

"Looking at the data and the intent as a signal from the retail side we're probably in December 2020, January 2021," he told CNBC on Friday. "I think this is predominantly driven by, you know, what's happening in the options market and a correction."

He further added that investors will see "a steady ramp up" and bitcoin is an asset that people will want to "hold for decades, not days or weeks."

Bernstein

Analysts at Bernstein this week said that the latest rally solidifies their view that bitcoin is headed to $150,000 by the middle of next year, a view they first gave at the end of 2023.

The firm's Gautam Chhugani and Mahika Sapra reiterated their bullish forecast that the price is poised to "break out" after the halving event in April and as demand from ETFs stays high.

"We built bitcoin institutional flows in our estimates to arrive at bitcoin price. We estimated $10 billion inflows for 2024 and another $60 billion for 2025," the wrote.

Michael Novogratz—CEO, Galaxy Digital

The cryptocurrency's latest run will have staying power, Galaxy Digital CEO Michael Novogratz said.

Bitcoin's signature volatility was on full display last week, but Novogratz remains confident that the price won't dip below $50,000 again, barring some dramatic event.