Key Takeaways
- • Utkarsh Ahuja, managing partner and founder of Miami-based Moon Pursuit Capital, says the crypto bottom has passed and a new bull market has begun, but expects a gradual recovery rather than an explosive rally.
- • Ahuja's base case is Bitcoin closing 2026 between $85,000 and $100,000, with a 2027 potential range of $120,000 to $150,000.
- • Global liquidity is identified as the most important driver of Bitcoin's price, followed by institutional capital flows.
- • Moon Pursuit recently launched a $100 million market-neutral quantitative crypto fund and co-led an $8 million seed round for AmericanFortress, a developer of quantum-resistant blockchain security infrastructure.
- • Ahuja expects some AI overinvestment to surface in 2027, with leveraged neocloud operators most exposed to consolidation risk.
Summary
Utkarsh Ahuja, managing partner and founder of Moon Pursuit Capital, a Miami-based investment firm focused on digital assets, AI, and emerging technologies, told Invezz that the bottom of the current corrective cycle in crypto has passed and the market has entered the early stages of a new bull market. He cautioned that this does not imply an explosive rally, expecting instead a gradual recovery with periods of consolidation and occasional pullbacks. His base case is for Bitcoin to finish 2026 between $85,000 and $100,000, supported by improving liquidity and stabilizing institutional flows.
Looking to 2027, Ahuja is constructive, with a potential Bitcoin price range of $120,000 to $150,000. He said global liquidity will be the most important driver, followed by institutional capital flows, and that regulation around custody, stablecoins, and institutional participation remains critical but will not sustain a rally without supportive monetary conditions. He also expects Bitcoin's adoption as a strategic portfolio allocation among institutions and family offices to become a more important source of demand.
On altcoins, Ahuja favors projects demonstrating real economic activity, sustainable revenue, and token value accrual. He cited Hyperliquid for its position in decentralized derivatives, revenue generation, and token buyback mechanism, and noted Solana's reliance on memecoin activity as a constraint. He also flagged privacy-focused blockchains as beneficiaries of institutional demand for transaction confidentiality, with Zcash cited as a candidate but one warranting caution after significant recent appreciation.
Ahuja said the rotation of capital from crypto into AI is not permanent and that AI will continue to attract substantial institutional capital. He favors infrastructure bottlenecks, including semiconductors, power generation, grid infrastructure, networking, and cooling. He expects some overinvestment to surface in 2027, particularly in neoclouds financing rapidly depreciating GPUs with substantial debt, potentially leading to consolidation that could favor hyperscalers with cheaper capital.
The firm recently launched a $100 million market-neutral quantitative crypto fund, which Ahuja said responds to institutional demand for liquidity, flexibility, and risk-adjusted returns without directional crypto exposure. Moon Pursuit also co-led an $8 million seed round for AmericanFortress. Ahuja said he does not believe AI is a bubble but sees bubbles forming within certain segments, particularly highly leveraged infrastructure operators and undifferentiated AI application companies.
Looking to 2027, Ahuja is constructive, with a potential Bitcoin price range of $120,000 to $150,000. He said global liquidity will be the most important driver, followed by institutional capital flows, and that regulation around custody, stablecoins, and institutional participation remains critical but will not sustain a rally without supportive monetary conditions. He also expects Bitcoin's adoption as a strategic portfolio allocation among institutions and family offices to become a more important source of demand.
On altcoins, Ahuja favors projects demonstrating real economic activity, sustainable revenue, and token value accrual. He cited Hyperliquid for its position in decentralized derivatives, revenue generation, and token buyback mechanism, and noted Solana's reliance on memecoin activity as a constraint. He also flagged privacy-focused blockchains as beneficiaries of institutional demand for transaction confidentiality, with Zcash cited as a candidate but one warranting caution after significant recent appreciation.
Ahuja said the rotation of capital from crypto into AI is not permanent and that AI will continue to attract substantial institutional capital. He favors infrastructure bottlenecks, including semiconductors, power generation, grid infrastructure, networking, and cooling. He expects some overinvestment to surface in 2027, particularly in neoclouds financing rapidly depreciating GPUs with substantial debt, potentially leading to consolidation that could favor hyperscalers with cheaper capital.
The firm recently launched a $100 million market-neutral quantitative crypto fund, which Ahuja said responds to institutional demand for liquidity, flexibility, and risk-adjusted returns without directional crypto exposure. Moon Pursuit also co-led an $8 million seed round for AmericanFortress. Ahuja said he does not believe AI is a bubble but sees bubbles forming within certain segments, particularly highly leveraged infrastructure operators and undifferentiated AI application companies.
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