Saxo Bank worldwide macro strategist and well-known Bitcoin bull Kay Van-Petersen has talked about Bitcoin prices will hit “$50,000 – $100,000 within the next six to 18 months.”
Speaking to Bloomberg in a quick interview, Van-Petersen outlined that the influx of institutional money might be the “catalyst” in pushing Bitcoin prices even further.
“We’ll get a cascade of ETFs, mutual funds and other investment vehicles breaking out,” he forecast, describing the $100,000 ticket as a “prudent” prediction.
Not merely Bitcoin, nonetheless totally different cryptocurrencies could “do better” in terms of price progress from the similar phenomenon, the analyst continued, highlighting Ethereum as a attainable subsequent contender notably for ETFs.
“The astonishing thing – mindblowing if you will – is that you take a step back and look at the price appreciation… a lot of this has happened without traditional institutional money, and that’s basically going to be coming on board over the next six to 18 months,” Van-Petersen continued.
As Bitcoin continues to go correctly previous any analyst’s expectations for short-term progress, even basically essentially the most hardline proponents are being left to wonder what could very nicely be subsequent.
Even Van-Petersen’s private prediction of a $100,000 Bitcoin within 10 years, which he delivered in May, now seems a lot much less stunning.
Bitcoin prices have recovered since CBOE’s futures effectively launched, with exchanges in the meanwhile eyeing $17,000 per coin after a drop beneath $13,000 over the weekend.