Bitcoin has survived the worst phase of the current cycle and is heading towards $150,000 by the end of 2027.
This is the forecast of CK Zheng, former global head of risk at Credit Suisse, who points to growing regulatory certainty as a key catalyst for attracting institutional investors to the market.
In an interview with Investing.com, Zheng, now co-founder and chief investment officer of ZX Squared Capital, stated that the latest correction reflects the maturation of the asset class, rather than a collapse similar to those seen previously.
"During the 2022 bear market, the crypto industry experienced mass bankruptcies," he said, citing the collapses of Terra/Luna, Celsius, Voyager, and FTX.
"Compared to that period, the industry is significantly healthier now thanks to rapid institutional adoption," he added, noting that the crypto ETF market and corporate treasuries are increasingly attracting long-term investors rather than retail speculators.
Speaking about timing, Zheng emphasized that the four-year cycle still holds structurally, and expects a new bull market to begin late this year or early next year. "The passage of the CLARITY Act will attract more institutional investors to this new asset class and trigger a new rally," he said.
He also linked his $150,000 target to fiscal pressure, expecting the US national debt to grow at an unprecedented rate in 2027.
"Serious institutional investors will need to hedge the risk of dollar depreciation by investing in gold and Bitcoin," he said, adding that supply shortages and increased adoption should push prices higher as institutional FOMO gains momentum.
Bitcoin is currently trading around $78,535.