Bitcoin Nears $100k: Jefferies' Chris Wood Shares $150k Price Strategy

Bitcoin's value has continued to rise like a meteor, touching $99,300 on Friday, only shy of the much-awaited $100,000 benchmark. This spectacular increase comes in the wake of the US elections, renewed by optimism of Donald Trump's policies that are pro-crypto, pushing the cryptocurrency market forward.

Global equity head Chris Wood of Jefferies remains bullish on the prospects for Bitcoin. In his weekly note, GREED & fear, Wood declared an intention to sell all his Bitcoins at a price of $150,000, 53% higher than the price of today.

Bitcoin Investment Strategy for Chris Wood

Wood, who is a huge believer in the potential of Bitcoin, has invested 10% of his global portfolio at the beginning of 2020 with Bitcoin when it was priced at $22,779. His global long-only equity portfolio also has a 5% stake in a Bitcoin ETF.

His advice to investors: those using leverage or tactical strategies should consider $150,000 as an ideal price point to take profits. Wood predicts that Bitcoin could triple its value during this post-halving cycle, based on historical trends of price gains following each halving.

Bitcoin’s Post-Halving Growth

Historically, Bitcoin has demonstrated exponential growth after halvings:

• 2012 Halving: Bitcoin’s value increased by 90 times within a year.
• 2016 Halving: Bitcoin rose 30 times in 18 months.
• 2020 Halving: Bitcoin's value rose 7.5 times in 11 months, peaking at $68,992.

After the latest April 2024 halving, Bitcoin has risen 54%, increased from $37,000 to its current peak.

Trump's Support Gains for Bitcoin

Donald Trump's win in the US elections has only accelerated the momentum of Bitcoin. Trump's government is expected to implement crypto-friendly changes in regulations with Howard Lutnick, a known cryptocurrency advocate, on board.

Elon Musk's unflinching support for Bitcoin has only strengthened investor sentiment, and the market cap of Bitcoin is now near the $2 trillion mark.

Bitcoin As A Digital Asset

Wood conceded that Bitcoin cannot replace gold but is a digital alternative to traditional assets. He pointed out the increased risk that institutional investors may overlook cryptocurrencies, because they are rapidly moving into mainstream financial ecosystems.

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