The price of bitcoin has been suffering a lot of changes in the past few months. After reaching a history high last year, the price of the famous cryptocurrency started to fall and then managed to gain more ground once again.
Recently, the price of bitcoin suffered a major decrease, going below $10,000, but this does not mean that investors have lost their confidence in the cryptocurrency.
In fact, one of the latest predictions related to bitcoin indicates that the price of the digital currency will go up to $100,000 in 2018. This prediction was made by a Saxo Bank analyst, who claimed that the price of bitcoin will keep on growing this year.
Why will the price of bitcoin increase so much this year?
Of course, the first question that pops to mind in this context is why will the price of bitcoin increase so much. Well, the analyst claimed that the high boost will be given by the interest that has come from institutional investors. The fact is that the cryptocurrency market seems to become more and more attractive to investors.
The analyst, Kay Van-Petersen, has become quite well-known in the industry as he made an interesting prediction back in 2016 for the evolution of bitcoin for 2017.
At that time, Van-Petersen claimed that the price of bitcoin will grow to $2,000 in 2017.
Not only that it grew, but it also managed to by far pass this sum, which was considered exceptional given the 2016 value of bitcoin.
Van-Petersen made all these predictions related to the price of bitcoin in an interview with CNBC.
He claimed that before the end of the year, the price of bitcoin will be somewhere between $50,000 and $100,000. Van-Petersen seems to believe that the growth will be triggered by the futures contracts and by institutional investors who recently started to look into the cryptocurrency market.
Van-Petersen does not only believe in the ability of bitcoin to experience a huge growth. He also claimed that Ethereum will have an impressive rise in 2018 and might even experience a higher growth rate than bitcoin.