The expert that predicted the cryptocurrency price surge in 2017, said during an interview that Bitcoin could reach $100,000 in 2018. Kay Van-Petersen is an analyst at Saxo Bank that said in 2016 that Bitcoin was going to reach $2,000 dollars in 2017. In the end, we all know that Bitcoin price grew 10 times more than what he predicted.
Can Bitcoin Reach $40,000?
The future price of Bitcoin could range between $50,000 and $100,000 dollars this year. There are two important things that must be taken into account. First, Bitcoin will receive the support of financial institutions. That means that a lot of money will start to drive the price up. Second, the bitcoin futures trading contracts are another way to let institutional investors explore the cryptocurrency market.
During an interview with CNBC, Van-Petersen said:
“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.”
But Bitcoin is not the only currency that will have a good year. The expert predicts that Ethereum could have a better year than Bitcoin itself. As Ethereum has a group of developers that control the way in which the technology develops, it will be guided by certainty and longevity.
But Petersen is not the only one predicting important price surges for this year. Mike Novogratz, said that Bitcoin could reach $40,000 dollars by the end of 2018. The former Fortress hedge fund manager, is bullish about the current perspectives of Bitcoin in the future. About other cryptocurrencies like Ether, he is also waiting for an important price increase.
“Bitcoin could be at $40,000 at the end of 2018. It easily could,” he said. “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.” Ethereum was near to reach $1,500, it crossed $1,300 during the first two weeks of January.
At the moment, the cryptocurrency market is operating negatively.