30 Jan Bitcoin headed to $100,000 in 2018, says analyst who predicted last year’s price rise
Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency’s rally at the start of last year told CNBC on Tuesday.
Kay Van-Petersen, an analyst at Saxo Bank, added that other rival digital coins could also outperform.
Van-Petersen forecast in December 2016 that bitcoin would reach $2,000 in 2017. At the time, bitcoin was trading below $900, according to CoinDesk, a website that tracks the price of digital currencies on a number of different exchanges.
Bitcoin blew past the $2,000 figure in May.
Van-Petersen said Tuesday that bitcoin could hit between $50,000 and $100,000 in 2018.
“First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pull back at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” Van-Petersen said.
The CME and Cboe both launched bitcoin futures trading contracts last year. The move was seen as a way to get more institutional investors involved in the cryptocurrency market and legitimize it. But trading got off to a light start. Van-Petersen said that more institutions will get on board over time, but it won’t happen quickly.