TD Cowen "Bitcoin (BTC) expected to reach $141,000 by year-end"

JH Kim

Summary

TD Cowen assessed that the cryptoasset ecosystem's resilience was proven through the recent market plunge and rebound.
TD Cowen said Bitcoin (BTC) is expected to reach $141,000 by year-end.
Bitcoin adoption is rising rapidly worldwide, and in Japan the number of holding accounts has surpassed 7.9 million, it reported.

On the 20th (local time), according to The Block, a cryptoasset (cryptocurrency) specialist media, U.S. investment bank TD Cowen said that through the recent market plunge and rebound the cryptoasset ecosystem "has demonstrated resilience to withstand shocks."

In its report, TD Cowen analyzed, "Although the largest-ever forced liquidations occurred and total exchange open interest (Open Interest) halved, most major exchanges continued to operate normally," and "less credible tokens plunged sharply, but Bitcoin (BTC) and Ethereum (ETH) showed sufficient stability."

It added, "Bitcoin is expected to reach $141,000 by December, the end of the year," and "this correction rather served as proof of the market's stamina and maturity."

TD Cowen also emphasized that global Bitcoin adoption is rising rapidly. In particular, in Japan, the number of accounts holding cryptoassets has quadrupled over the past five years, surpassing 7.9 million.