Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's rally at the start of last year, he added that other rival digital coins could also outperform.
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," To reach $100,000, bitcoin would need to rally over 635 percent from Tuesday's highest price of $13,601.43, according to CoinDesk. Previously, Van-Petersen said that $100,000 could take ten years to hit.
Also, bitcoin has been trading sideways since the start of the year. But the Saxo Bank analyst said that bitcoin tends to trade around a certain level then "re-rates". "I wouldn't be surprised if it's something we are seeing. It's kind of building a foundation, then will re-rate a bit higher." Still, Van-Petersen said that ethereum is likely to outperform bitcoin this year. "Ethereum came after bitcoin, it has a more unified leadership than bitcoin," he said. "They seem to be a bit further along the way in regards to forming the solution to scaling issues. And you can see transactions on their side eclipses transactions across other cryptos." Ethereum, unlike bitcoin, has a core group of developers who control the way that the technology develops.
Julian Hosp, co-founder of TenX, a firm that wants to make it easier for people to spend virtual currencies, told CNBC in December that bitcoin could hit $60,000 in 2018, but could crash first. And Dave Chapman, managing director of cryptocurrency trading firm Octagon Strategy, said that bitcoin could hit $100,000 in 2018.
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