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CRYPTO BLAST (Grider): Raising Outlook $40K: Bitcoin Reaches Target But Upside Remains

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Crypto investors received a late Christmas present with the price of Bitcoin reaching new all-time highs early this morning briefly touching $28,580. Bitcoin has risen by 75% since our last upward price target revision and now sits at ~$28,000 or 12% above our most recent $25,000 target. Despite the rise in prices and valuations, we believe the conditions remain in place for a continued rally in Bitcoin and crypto more broadly over the next 6-12 months. Institutional & corporate buying, regulatory de risking and retail stimulus demand are factors that have led to an increase in positive momentum, which we believe can continue. As such, we’re revising our valuation model estimates higher and raising our price forecast to $40k representing ~50% upside from current levels.

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