On May 20, according to CoinDesk, despite Bitcoin's price hovering slightly below its January high, digital asset ETF issuer 21Shares believes Bitcoin has more room for growth this year.
21Shares Research Strategist Matt Mena wrote in a report released on Monday: "Bitcoin is on the verge of a breakthrough." He believes the current Bitcoin rally is not driven by retail frenzy, but by multiple structural forces, including institutional capital inflows, a historic supply squeeze, and an improving macroeconomic environment, which suggest Bitcoin will pursue a more sustainable and mature path towards a new all-time high.
The continuous Bitcoin accumulation by spot Bitcoin ETFs exceeds daily mining output, further tightening supply. Meanwhile, major institutions, companies like Strategy, and newcomers like Twenty One Capital are continuously accumulating Bitcoin, and some countries are even exploring the establishment of strategic reserves.
Mena predicts that the combined effect of these factors could drive Bitcoin to rise to $138,500 this year.
