The Predictor of Last Year’s Bitcoin Rise Now Says It Will Rise to $100,000

Initial Predictions

Kay Van-Petersen, the same Saxo Bank analyst who had predicted the increase in Bitcoin’s price last year, now thinks that the cryptocurrency could very well hit $100,000 in 2018.

It was received as a far-fetched notion when Van-Petersen had shared his previous analysis on Bitcoin and suggested that it could quickly hit $2,000. That was a prediction of over a 100% increase in Bitcoin’s value since it had been trading around $900 in December 2016.

Many critics of the cryptocurrency had brushed away the idea since the concept of a digital currency trading at that high of a value had not been seen before. Even people from the cryptocurrency community, who while hoping it to be true could not stand behind the prediction as it seemed too optimistic.

Prediction Realization

Then, to almost everyone’s surprise, Bitcoin started its bullish pace through the start of 2017 and finally went past Van-Petersen’s predicted figure of $2,000 by May, cementing his reputation in the industry.

New Prediction 

Now that the very same Van-Petersen has predicted the increase in Bitcoin’s value again, the industry is taking the possibility very seriously. That ray of hope is significant especially because it is a tough time for cryptocurrencies at the moment, where all major digital currencies have seen a dip in their value across the board.

Some have attributed that noticeable fall in pricing to the proposed ban in South Korea whereas other have provided far-fetched theories about it being due to the Chinese New Year.

However, whatever the case may be, it remains a fact the cryptocurrencies including Bitcoin have been having a string of bad days lately.

Even then, Van-Petersen is confident about his latest prediction.

He says that the current trend is not surprising and is merely a step towards raising the value higher. “I wouldn’t be surprised if it’s something we are seeing,” said Van-Peterson.

“Its kind of building a foundation, then will re-rate a bit higher”

Supporting Statements

To support his claim, he points out the Bitcoin futures that had debuted at the Chicago Board Options Exchange in December 2017 and went on to establish their presence at the CME Group.

The trading of these futures has been met with mixed responses so far, but it is more positive than negative.

Due to this, Van-Petersen states that it will not take long to have more financial institutions and established investors on board, and once they do, it will contribute to the credibility and value of the cryptocurrencies.

Van-Petersen also says that other cryptocurrencies could join the race of increase in value, and praises Ethereum in particular due to its timely solutions to any issues faced by the network.

He stated:

“Ethereum came after Bitcoin, it has a more unified leadership than Bitcoin. 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.”

By | 2018-01-19T01:24:50+00:00 January 19th, 2018|Cryptocurrency News|0 Comments

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